Digital technology services consultancy Fimatix has acquired financial services technology specialist, Idea Group, for an undisclosed amount.

The acquisition is expected to allow Fimatix to expand its public sector and consulting offering, integrating and building out Idea Group’s existing technology services.

In particular, the incorporation of Idea Group’s Prodigy solution aims to bolster Fimatix’s governance and reporting offering, as it will allow clients to collate data and apply process controls to get full governance insight through the entire lifecycle of financial services products and services.

In addition to this, Idea Group’s Nova Gateway will provide a series of tools to streamline information interaction within the investment management industry.

Idea Group founder, Ian Lyall, will join the Fimatix EXCO as chief technology officer, whilst non-executive chairman, Mike Craston, has joined Fimatix as an independent director.

Commenting on the acquisition, Fimatix CEO, Tim Howarth, said: “We are thrilled with the acquisition of Idea Group, a company that have long shared our dedication to using tech to solve issues within the financial sector, by making regulations easier to adhere to.

“They have provided top tier services within the investment management and pensions industry for over 20 years and will form a crucial part of Fimatix portfolio of offerings.

“The acquisition comes at a critical time for the pensions industry and for Fimatix as we look to focus on regulated industries, while the importance of reporting ESG in particular, both to government and businesses, continues to grow creating new opportunities for our suite of tech products.”

Adding to this, Lyall said: “Idea Group has been developing enterprise class solutions for many years and joining Fimatix will allow us to greatly increase our distribution and reach, whilst we continue to innovate to provide real business benefits to our customers. We are hugely excited to join with Fimatix on this new chapter.”

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