Standard Life has bought software firm Focus Solutions as part of its efforts to enhance its corporate wrap offering in a deal worth around £42 million.
By combining its own corporate wrap platform with Focus Solutions' technology capability and the software of Threesixty, which caters for independent financial advisors, Standard Life aims to deliver an end-to-end service. This will incorporate point-of-sale, customer relationship management, tax wrapper and investment trading.
Standard Life's acquisition of Focus Solutions, and previously Vebnet and threesixty, are part of its preparation for the Retail Distribution Review, which will change the way in which savings and pension products are sold.
David Nish, chief executive officer of Standard Life, said: "Standard Life Group continues to focus on the deliver of market leading solutions and services for intermediaries and other distribution channels. Consistent with our previous acquisitions of Vebnet and Threesixty, the acquisition of Focus therefore provides further capability in providing market support, technology, and innovation to our core markets and customers."
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