Tue, 23 May 2023 | BUSINESS NEWS
Chesnara, a consolidator in the UK life and pensions sector, has struck a long-term strategic partnership with global fintech firm SS&C Technologies which will support its ongoing acquisition plans. SS&C provides software and technology services to clients across the financial services sector.
Chesnara, which is based in Preston, said that the deal would be “key” in supporting the firm’s growth plans, “particularly as it seeks further acquisitions in the UK market". The partnership will also enhance Chesnara’s migration and integration capabilities, while providing long-term, cost-effective policy administration for existing and future business.
Chesnara group CEO Steve Murray said that the strategic partnership was “an important step for our UK business and the group.” Murray added: “We believe the acquisition opportunities across our target markets remain strong, including in the UK, and this partnership will help support Chesnara in executing such transactions on attractive terms for both vendors and our shareholders.”
The group’s UK CEO Ken Hogg added that the deal would provide the firm “with access to a modern, flexible and cost-efficient policy administration service as well as wider capabilities within the SS&C Group.”
SS&C’s chief executive international, head of global investor and distribution solutions Nick Wright said that the partnership meant the companies were well-positioned to support Chesnara’s UK growth plans, while also supporting SS&C’s ambitions to scale its strategic insurance servicing business.
Chesnara has established itself as an active consolidator in the UK’s highly fragmented pensions market in recent years. Over the past two years, the company has completed five acquisitions, having previously not made a UK acquisition since 2013.
Last month, Group CEO Steve Murray commented: "We remain optimistic about our ability to participate in future M&A and continue to be highly confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders."
Read about the rise in M&A activity in the UK pensions sector.
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