Tuesday, 25 July 2023 09:57
GBST buys Financial Planning software platform
Wealth management platform provider GBST has bought cloud-based Financial Planning software platform Advice Intelligence for an undisclosed amount.
It said the acquisition was complementary to its recently acquired salesforce adviser platform GBST WealthConnect.
Advice Intelligence offers a CRM solution, client engagement, goals-based advice, mobile, workflows and apps together in a digital platform.
GBST said the move confirms its commitment to the broader wealth management market.
Robert DeDominicis, global chief executive of GBST, said: “The acquisition accelerates the delivery of our roadmap and positions GBST perfectly to capture a significant share of the growing advice practice management, digital and hybrid advice markets through the delivery of its market leading cloud-based portfolio of solutions.”
He said the company is now well-equipped, “to expand its presence in the UK, Australia, and internationally.”
Jacqui Henderson, founder of Advice Intelligence, will join GBST following the acquisition.
She said: “The acquisition provides GBST with an opportunity to progress and expand the growth of its digital advice solutions and I am certain we will achieve great things together.”
In March platform engine GBST relaunched its Composer wealth platform and rebranded to signal a new direction for the business following an aborted attempt to take over the company by rival FNZ.
GBST was sold by rival FNZ at the end of 2021 to a private equity firm after the Competition and Markets Authority (CMA) blocked FNZ’s acquisition of GBST.
The CMA ordered FNZ to sell off GBST's platform arm after concluding that the £150m merger of FNZ and GBST risked reducing competition in the UK platform market.
Although FNZ sold GBST’s platform division it was allowed to reacquire GBST’s capital markets division. GBST, based in Sydney and London, describes itself now as a global ‘wealth tech’ company.
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