The acquisition, through which IRESS takes 100% ownership of Avelo, is a key milestone in IRESS’ strategy for building and accelerating its presence in the United Kingdom.
Andrew Walsh, IRESS chief executive, said: “I am excited by the opportunities presented by the Avelo acquisition and look forward to working closely with our clients and prospects to drive significant business benefit through technology.
“The combined product strengths of IRESS and Avelo and scale makes us the ideal strategic partner for financial participants.”
The integration of the two businesses will be overseen by Walsh together with a UK management team headed by former Avelo chief executive Simon Badley.
Simon Badley, managing director of IRESS UK, said: “Integration with IRESS marks the start of an exciting new era for both companies. Over the years Avelo’s strategic vision and customer centred approach has enabled it to build a truly end to end technology solution for UK advisers and enterprise clients.”
Badley said by joining forces with IRESS, Avelo has the opportunity to take its vision a step further and market its technology on a global stage.
He added: "I’d like to take this opportunity to thank Paul Yates for his contribution to the Avelo business to date who has decided this point to be an appropriate time to exit the business and I wish him well in his future endeavours.”
