Pensions and investment planning software firm Selectapension has been acquired by the Perseus operating group of Canadian technology company Constellation Software.

Selectapension offers specialist online software for pensions and investments planning for Financial Planners and Paraplanners. Its range of tools includes pension switching, cashflow and drawdown strategies, investment switching, and defined benefit transfer.

Selectapension’s acquisition is the first in the UK pension and investment sector for Perseus. Parent company, the Constellation Financial Software group, includes businesses providing software in asset finance and commercial loan portfolio management.

Working as an operating group of Constellation Software, Perseus acquires, manages, and builds software businesses which provide specialised software solutions.

Selectapension’s offices will remain in Crowborough, East Sussex.

Andy McCabe, managing director of Selectapension, said: “We are extremely delighted to be part of the Perseus Group and our vision to provide market leading software for our customers will continue for many years to come. Selectapension will maintain its market independence, enabling us to deliver affordable, yet comprehensive tool sets for the entire financial sector.”

Last month Selectapension unveiled 'Quote & Apply' - a new tool for advisers to speed up the application process - and has signed up Aegon as the first provider. Selectapension said the new processing integration tool will enable platform users to create a product quotation and application without the need to re-key data entered on Selectapension. 

Selectapension was founded in 2004 when it launched a simple Pension Switching tool.