(Image credit: majomka.)
Equisoft, a Montreal-based provider of digital business solutions for the insurance and wealth management industries, has announced its acquisition of Altus (Bath, U.K.). Altus supplies specialist consultancy services and automation software to over 150 clients in the investment, pensions, insurance and wealth management sectors. Altus’ suite of products and market penetration adds to Equisoft’s product portfolio and expands its presence within the financial services space with a transaction platform for pension administrators and asset managers, according to an Equisoft statement.
“The new combined expertise of Equisoft and Altus positions us to lead the U.K. pension transfer market and makes us a strong contender in the European market,” comments Luis Romero, founder and CEO, Equisoft. “Joining the forces of both companies, each founded on entrepreneurial values, will allow us to better serve our clients by automating complex back-office processes across the investments value chain. These include investment portfolio transfers, pension fund trading, pension payroll and tax reporting.”
Equisoft characterizes the acquisition as showing its continued global expansion and says the two organizations have display a “tremendous cultural fit when it comes to a shared vision of customer-focused and business-driven innovation, mutually reinforcing their respective market-leading and specialized consulting expertise.”
Perfect Marriage of Two Technology Firms
“As we got to know Equisoft’s team, we became increasingly confident this would be a perfect marriage of two technology firms, both committed to transforming financial services with quality software and solutions, and sharing the benefits across clients, staff and communities,” comment , Kevin Okell, co-founder and Managing Director, Altus. “Given our substantial recent investment in U.K. Fintech startup Finscape, a business analytics platform for the investment industry, Altus was looking for a partner who understood its enormous potential and the critical role it could play in the investment value chain. Equisoft grasped this immediately, committing to further investment in the product and to expanding its geographic coverage.”
Equisoft reports that financing of the acquisition was secured through partnerships with Export Development Canada, Fondaction and BMO Bank of Montreal.