Financial services software provider Iress picked up a UK-based investment and pension research software provider boasting over 2000 clients.
Iress has acquired the UK's O&M Systems, an investment and pension research software provider with more than 2000 clients across pension and platform providers and advice businesses.
The firm is planning to integrate O&M's software directly into its Xplan suite of software, with Iress clients able to immediately access O&M's pension and investment capabilities. Additionally, O&M's research offering will also continue to operate as a standalone service.
Iress chief executive Andrew Walsh described the purchase as "strategic".
"O&M is a strong business with established clients and software that is a strategic addition to our advice software Xplan," Walsh said.
"Integrating O&M into Xplan will provide advisers with a powerful, combined advice and research solution."
All of O&M's existing team will join Iress, including managing director Graham Miller who said the firm was "delighted" to join Iress.
"I am confident our clients, providers and our team will benefit from Iress' broad expertise," Miller said.
"The integration with Xplan will enable us to grow our offering to a wider market whilst we maintain our commitment to providing accurate comparisons, comprehensive data analysis, client facing reports and great customer service to our existing user base established over the last 28 years."
The purchase of O&M follows Iress' acquisition of blockchain communication platform BC Gateways' in January. At the time, Walsh said BC Gateways met the financial services' demand for cost-effective, automated and compliant technology.
"BC Gateways has laid a strong foundation with its platform and its blockchain use-case, and we are looking forward to accelerating the solution in this segment," Walsh said.