Risk-profiling regtech firm FinaMetrica has announced it will merge with Canadian-based financial software company PlanPlus.
FinaMetrica and PlanPlus will join forces after collaborating for over a decade. Most recently, the two firms partnered in 2016 to create a robo-advice offering.
The merger of the two companies will create a new entity called PlanPlus Global. However, the PlanPlus and FinaMetrica brands will also continue to offer their products on a stand-alone basis, the statement said.
PlanPlus founder Shawn Brayman will be the chief executive of the merged entity, while FinaMetrica co-founder Paul Resnik will be the director of global markets.
All PlanPlus and FinaMetrica employees continue on with the new entity and Sydney has now been added to the five PlanPlus offices in major cities around the world.
Mr Resnik said, “The strategic match between FinaMetrica and PlanPlus is extraordinary. Our products complement each other and we share a common commitment to delivering financial systems that prioritise client’s best interests.
"Meanwhile, we both have global businesses serving the corporate market and individual advisers. The merger comes at just the right time for us to meet the market’s demands for an affordable, scalable and defensible advice solution that can be applied internationally across platforms, channels and borders.”
The merged business serves customers in more than 30 countries with significant presences in Canada, the US, the UK and Australia, and substantial user bases in India, Germany, South Africa and Malaysia.
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