Capita has announced the acquisition of IFA software supplier Quay for an undisclosed fee.
The move was predicted my Money Marketing in September and continues Capitas move into the financial services arena.
The entire workforce of 40 employees will transfer to Capita and the business will continue to operate from its existing site in Bishops Stortford, Hertfordshire.
Capita executive chairman Rod Aldridge says: Through the combination of both organisations technologies we aim to reduce the overall cost of administration for IFAs and providers, whilst also enabling more effective distribution. We welcome and look forward to working with Quays highly-skilled and experienced employees.
Quay managing director Mitchell Philpott says: The two organisations are a perfect fit from both a technological and cultural perspective. Our technology is already used by Capita Life & Pensions in its Barnwood operation and we are confident that as a combined entity we will continue to drive the growth of the business and maintain the excellent working relationships we have with our valued clients.