Royal London-owned wrap Ascentric has sold its Bangalore-based platform technology development team to Indian consulting and technology firm Collabera.
The deal sees around 30 staff transfer to Collabera although they will remain as technology developers for Ascentric and its white-label offering Independent Funds Direct Limited.
Ascentric says Collabera was chosen to acquire the technology team after a lengthy tender process.
Ascentric managing director Hugo Thorman says: “We are very pleased to be working with Collabera and look forward to developing a long-term relationship with them.”
Collabera senior vice president Krishnamurthy Ramamurthy says: “We are pleased to be selected by IFDL and the Royal London Group as a strategic partner and the start of this relationship is an exciting new chapter for us.”