Service provider Paradigm Group has purchased half of software firm Adviser Cloud.
Paradigm has not disclosed the cost of the 50 per cent stake in the business, which provides back offices systems and software for advisers.
Adviser Cloud software is already being offered at Paradigm partner meetings, and further tools will now be fully integrated with Paradigm’s own investment offerings.
Adviser Cloud managing director David Wood says: “This partnership enables us to focus on our passion, which is to design cloud-based software that really works for financial advice companies and their support teams.
“We see a great opportunity in working with Paradigm to continue to design innovative, high tech and integrated products for financial advisers.”
Paradigm senior partner Paul Hogarth adds: “We are looking forward to helping drive forward this joint venture with our initial focus being the provision of a competitive, web-based back-office system for IFAs that require an alternative to the current industry offerings.”