Shares in Standard Life were up on the FTSE 100 in morning trading after the financial services company said it was buying Focus Solutions Group for £42 million.
Focus Solutions provides software and consultancy solutions to financial services company and has been valued by Standard Life at 140.00 pence per share.
David Nish, Chief Executive of Standard Life, said, "Standard Life Group continues to focus on the delivery of market leading solutions and services for intermediaries and other distribution channels. Consistent with our previous acquisitions of Vebnet and threesixty, the acquisition of Focus Solutions therefore provides further capability in providing support, technology, and innovation to our core markets and customers.
"Combining our award-winning Wrap platform, the threesixty proposition and Focus Solutions' 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."
Richard Stevenson, Chief Executive of Focus Solutions, added, "The acquisition by Standard Life represents a great opportunity for Focus Solutions both to accelerate the customer reach of our market leading software and to drive further investment in our highly rated platform, enhancing our leading position in the industry. 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."
By 10:50 shares in Standard Life were up 2.11 per cent on the FTSE 100 to 208.50 pence per share.