Friends Provident, Norwich Union and Scottish Widows have taken a combined forty per cent share in Misys-owned IFA electronic portal Assuresoft.
The portal was bought by the Misys network stable as part of its purchase of DBS last year. The move will see the three companies invest a total of £9.2m in Assuresoft ltd taking their shareholding to 40 per cent in the next three and a half years. Misys will retain 60 per cent.
Misys says an additional £16.8m will be payable by the three life offices, once again over three and half years, for what it describes as services related to usage of Assuresoft.
The network giant says it will retain operational control, led by the existing managing director Helen O'Dea, but that the three providers will help shape portal strategy.
Misys also says the Assureweb portal will link “seamlessly” with its point of sale software Mi-Solution.