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Australia's IRESS acquires LDC-backed software firm Avelo

  • Andrew Woodman
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Australian software company IRESS is to acquire UK tech firm Avelo Financial Services Holdings from a private equity consortium including Lloyds TSB Development Capital (LTDC) for GBP210 million ($321 million)

Avelo is a leading financial services technology provider in the UK. Its flagship product is The Exchange Portal - a longstanding platform for quotes and applications on life and health protection, pensions, investments, mortgage and general insurance.

The deal, still subject to FCA approval, will see Avelo managing director Simon Badley report to IRESS global managing director Andrew Walsh. A LTDC-led consortium bought a majority stake in the company that was then 1st-The Exchange in 2009 for GBP115 million.

"This is a unique and attractive opportunity to establish scale, revenue and a relationship footprint in the UK," said Walsh, in a statement. "Avelo has a strategic fit with our wealth management business and significantly builds upon our organic success in the UK."

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