Platform-as-a-service provider FNZ has agreed to acquire Dublin-based third-party administration (TPA) solutions business Irish Progressive Services International (IPSI) from Irish Life.

Established in 1998, IPSI offers end-to-end TPA solutions to the life insurance and pensions industry. The company currently employs more than 250 people and services more than €30 billion in assets under administration.

Adrian Durham, chief executive of the FNZ Group, explained that the deal reinforces FNZ’s pan-European strategy.

“Bringing together IPSI’s solutions and FNZ’s core technology and global client relationships will allow us to capitalise on the opportunities we see in the market,” he stated, adding: “We are committed to investing in IPSI and look forward to welcoming the management team into the FNZ Group and working closely to develop the inherent potential in the business.”

IPSI chief executive James Parker commented: “As part of Irish Life Group, we have been able to build an industry leading team of experts and practitioners who are delivering solutions for clients across the globe. We thank Irish Life for its support and look forward to the next stage and opportunities as part of FNZ Group.”

Irish Life chief executive David Harney added: “As Irish Life continues to focus on its core business, we believe that IPSI can go even further under new ownership as part of a dynamic company like FNZ, which can help it realise its ambitions.”

The transaction is subject to regulatory approvals.

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