Bath-based financial services technology specialist Altus is on the fast track to further expansion after being bought by a Canadian software company.
New owner Equisoft, a global provider of advanced insurance and investment digital services, has pledged to invest in the business, which was launched in 2005 with a mission to speed up financial services with superior tech.
Altus, which employs 90 people, supplies specialist consultancy services and market-leading automation software to more than 150 clients in the investment, pensions, insurance and wealth management sector.
It has also teamed up with Fundscape, a London-based research house, to launch Finscape, a product aiming to revolutionise business intelligence for investment distribution.
Equisoft said it would maintain Altus’s current operations and services, with both companies focusing on leveraging their respective strengths to pursue growth opportunities.
Financial details of the deal, Equisoft’s first European acquisition, have not been disclosed.
Altus managing director Kevin Okell, pictured, said: “We have been flattered over recent years by the level of interest shown in Altus by potential suitors but never quite met the right partner until now.
“The more we found out about Equisoft, the more we felt this would be a perfect marriage of two technology firms with the same shared vision, both with highly specialised solutions and proven expertise; to transform financial services with quality digital solutions and then share the benefits across clients, staff and our communities.
“Given our substantial recent investment in Finscape, Altus was particularly keen to find a partner who understood the enormous potential of this initiative and the critical importance of the role it could play in the investment value chain.
“I am delighted to report that Equisoft grasped this immediately and has committed to substantial further investments in the product and to expanding its geographic coverage.”
Equisoft CEO Luis Romero, an industry veteran with a successful track record of acquisitions, added: “Equisoft is an innovative, fast-growing company with clients and offices across five continents, and a clear strategic global vision.
“As we were searching for the right UK business partner, it was immediately clear that Altus is an incredibly good match both in terms of proposition and values.
“With strong advocacy from a blue-chip client base, striking industry profile and a warm family ethos, Altus seemed like the ideal hub from which to expand our European presence.
“We are very excited to work with the Altus team to bring the best of both our propositions to our enlarged client base, and to expand our combined capabilities across Europe.”
Founded in 1994, Equisoft operates in eight international locations across North America, Latin America, Africa and Asia.
It works with more than 75 of the world’s leading financial institutions in 15 countries, offering innovative front-end applications, extensive back-office services and unique data migration expertise.
The firm’s flagship products include a SaaS policy administration solution, CRM, financial needs analysis, financial planning, asset allocation, fund and portfolio analysis, quotes and illustrations, electronic application, agency management systems, as well as customer, agent and broker portals.
Equisoft is also Oracle’s largest and most experienced partner for the OIPA platform.
