The acquisition sees IRESS take 100 per cent ownership of Avelo. The integration of the two businesses will be overseen by IRESS’ global chief executive Andrew Walsh, together with a UK management team headed by former Avelo CEO Simon Badley.

“Integration with IRESS marks the start of an exciting new era for both companies. Over the years, Avelo’s strategic vision and customer centred approach has enabled it to build a truly end to end technology solution for UK advisors and enterprise clients. By joining forces with IRESS, we have the opportunity to take this vision a step further and market technology built by Avelo on a global stage,” said Simon Badley, managing director, in a statement.

Prior to the deal, Avelo was owned by a consortium of private investors led by Lloyds Development Capital.

IRESS supplies financial markets and wealth management systems to clients in Australia, Asia, New Zealand, Canada, South Africa and the UK.