I have been a close observer of Avelo and other vendors in the UK for a number of years, and am excited by the opportunities that the IRESS+Avelo combination presents. This is not simply about accelerating a meaningful presence in an important financial market, but it is consistent with our strategy to leverage global experience and scale to provide relevant and meaningful solutions to local participants.
Learnings that stem from working with a broad set of clients operating in separate jurisdictions, and our own software product initiatives, are increasingly leveraged and applied to directly benefit our clients. The opportunities presented by similar global regulatory trends and related commercial reactions by clients, allows us to develop and deploy solutions to a scaled global user base, not restricted by thinking or use in a single market. We have seen many clients take advantage of our product initiatives that have stemmed from client requirements in another country.
Avelo is a strong business with a market leading position in the UK. Experience and scale in the UK will complement our global capability, and enhance our product suite. In recent weeks, I have had the pleasure of meeting with key Avelo clients and staff. It is no surprise that their views on current technology drivers are very familiar:
All IRESS stakeholders have responded overwhelmingly positively to news of the Avelo acquisition. We believe that profitable scale is necessary for technology businesses to proactively invest for the future and this is very true of IRESS. As such, IRESS is uniquely positioned as the obvious strategic technology partner when financial services participants seek to deliver their long term growth objectives.
Over the next couple of months the IRESS and Avelo teams will work closely to integrate the businesses. I look forward to sharing our progress as we evolve IRESS’ business footprint in the UK.
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