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Transact eyes further stakes in tech firms

Transact is considering taking more stakes in software companies after the platform acquired a 15 per cent interest in Sprint Enterprise.

The deal, announced in May, saw the firm’s chief development officer Jonathan Gunby join the board of Sprint.

Chief executive Ian Taylor says Transact is contemplating taking stakes in other software companies. He says: “If we come across companies that we think are interesting, we will have a look at them. Often we think early involvement and co-operation works to everyone’s advantage.

“There are other parts of the industry and of the process of providing support to financial advisers which we do not do directly but where closer interaction and integration with software companies makes things smoother for platforms, software firms and our clients and advisers.”

Sprint provides software called Fastrak, which is designed to aggregate data from advisers’ back-office systems and platforms to produce enhanced reporting and portfolio analysis capabilities.

It can source data from AscentricCofundsFidelity FundsNetworkNoviaNucleus, 7IM, Skandia, Pershing and Transact.

Sanlam Private Investments recently agreed a contract to use Fastrak across its network of advisers.

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