Standard Life is to acquire technology firm Focus Solutions for £42m.
The offer, tipped by Money Marketing last month, values Focus at a 33 per cent premium to its share price on November 8, the day before it disclosed it was in talks with an unnamed bidder.
Standard Life says Focus’ technology platform, which includes point of sale software, will combine with its wrap platform and threesixty’s support services offering to provide a full solution to advisers as well as helping to grow its retail bank and direct business.
Standard Life group chief executive David Nish (pictured) says: “Combining our award-winning Wrap platform, the threesixty proposition and Focus technology enables us to offer a market-leading customer experience, built on a full set of supporting processes and technologies to distributors, alongside our traditional product and investment offerings.
“This strengthens the overall position of the group as the UK market for our propositions and services develops further over the next two years leading up to RDR and beyond. These solutions will also help to grow our retail bank and direct-to-customer distribution.”
Focus chief executive Richard Stevenson says: “While we will continue to deliver best-in-class solutions to our target market, going forward our customers, employees and our business will have the benefit of the support and reach that being part of the Standard Life Group will bring.”
Focus’ half year results, published today, show a £1.12m profit before tax for the first half of 2010, compared to £0.15m for the first half of 2009.