Cirencester technology company Avelo sold to Australian firm Iress for £210 million
A COMPANY based in Cirencester that provides financial technology software has been sold for over £200million.
Private equity firm LDC sold Avelo, which is based in Poulton, to Australian financial services giant, Iress for £210million.
The sale will give Avelo the backing of a global player that, in time, will help drive future growth and expansion.
Simon Badley, chief executive of Avelo, said: “Avelo has had a long and supportive relationship with LDC, during which time the company has gone from strength to strength.
“Becoming part of the Iress group at this stage in Avelo’s development, with our shared financial services pedigree, will provide huge scope for new and exciting growth opportunities.”
Avelo is now one of the largest providers of online comparative quotations and electronic new business applications – around 94 per cent of the UK’s top 100 financial advisers use Avelo.
Avelo has strong ties with the local community and recently donated £150 of sporting equipment to the 1st Cirencester Beavers group.
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