IFDS buys outsourcing provider

29 June 2010 0:00 am | Updated: 29 June 2010 9:14 am | By Natalie Holt

International Financial Data Services has entered the life assurance and pensions servicing sector with the purchase of global outsourcing and software provider Percana Group.

IFDS, a financial services outsourcing joint venture run by US investment services firm State Street Corporation and US investment software company DST Systems, acquired an initial interest in Percana in September 2008.

Percana employs over 250 people at its headquarters in Dublin and manages a range of life and pensions products through the policy lifecycle.

It signed Pearl Group as a new client in January.

IFDS CEO Paul O’Neil says: “The purchase of Percana represents the next phase in IFDS’ growth plans. The life assurance market is a key growth area for IFDS, and the purchase of Percana brings an established and robust technology platform which is endorsed by a respected selection of leading institutions in the market. We look forward to capitalising on the significant opportunities this acquisition affords.”

Percana executive chairman Paul O’Kane says: “We are excited to become part of the IFDS group of companies, whose scale and international presence will enable us to achieve our ambitious growth targets whilst offering our clients an enhanced full-service offering. The acquisition demonstrates the confidence IFDS has in our business model, technology and people, and we look forward to building our offering as the leading life and pensions outsourcing provider both domestically and internationally.”

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