Global wealth management platform FNZ has agreed to buy client onboarding and servicing tech provider Appway for an undisclosed sum.
Hanspeter Wolf, chief executive and founder of Appway, will become chief technology officer of the FNZ Group and join the senior leadership team.
Zurich-headquartered Appway offers solutions to financial institutions to automate and accelerate their core processes and adapt to regulatory changes.
The transaction is due to be completed by early Q1 2022.
Adrian Durham, chief executive FNZ Group, said: “We are excited that FNZ and Appway are coming together to provide financial institutions with an unrivalled platform to accelerate their digital transformations, deliver significant operational efficiencies and improve the client experience.
“Both our companies have a shared vision, relentless focus on customer success and a track record of innovation and Hanspeter is an inspirational and seasoned leader with rich experience in the technology sector. We are delighted to welcome him and the talented Appway team into FNZ.”
GSBT deal
This acquisition comes several months after The UK’s Competition and Markets Authority (CMA) finalised its recommendations to change the terms of the merger between FNZ and investment platform GBST.
The recommendations followed on from the regulator’s second investigation into the M&A deal, after a request from the competition appeal tribunal.
It found the merger in its original form would “substantially reduce competition” and lead to “higher prices or poorer service” in the UK market.
The CMA said that the deal can go ahead if FNZ sells GBST to an independent third party, approved by the CMA, with a right to subsequently buy back a limited set of assets relating to the capital markets business.
There has not been an update on the deal since June 2021.
