Equiniti completes purchase of Aquila Group
Equiniti Group
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16:55 09/12/21
Specialist technology outsourcer Equiniti Group confirmed on Thursday that the acquisition of Aquila Group Holdings from AquilaHeywood completed on 31 October.
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The FTSE 250 company did not disclose financial details of the deal.
It described Aquila as a UK-based life and pensions technology provider for pension schemes and large insurance companies.
The Aquila proprietary platform 'Administrator' supported propositions in workplace savings, bulk purchase annuities and heritage transformation.
Equiniti said the acquisition was in line with its strategy of acquiring capabilities to enhance client offerings, and cemented the EQPaymaster division as a “leading” technology and solutions provider.
Aquila said it would predominantly support Equiniti's life and pensions (L&P) team to add depth of choice to the division’s technology solutions, and diversify the overall proposition, as well as enhancing software options available to existing clients.
AquilaHeywood, and its remaining subsidiaries including Heywood, ATMOS and i-Connect, was not being acquired as part of the transaction, and would remain under the ownership of its existing shareholders.
“We are delighted to announce the acquisition of Aquila, a leading provider of software and technology solutions,” said EQPaymaster co-chief executive officer Ric Williams.
“Aquila will enhance EQPaymaster's technology and services to the insurance market and broader financial services space, alongside our existing capability.
“I look forward to offering an enhanced combination of technology and services to our new and existing clients and building upon Aquila's investment in the proprietary 'Administrator' platform.”