IFDS enters life assurance and pensions servicing
Leading financial services outsourcing provider continues
expansion with strategic acquisition
Dublin and London, 29 June, 2010 – International Financial Data Services (IFDS), the financial services
outsourcing joint venture between State Street Corporation and DST Systems, Inc., announced today that it
has purchased Percana Group Limited (Percana), a leading outsourcing services and software provider to
the global life and pensions industry.
Percana manages a wide range of life and pensions products throughout the full policy lifecycle via an
integrated front-, middle- and back-office solution. Percana employs over 250 people based at its
headquarters in Dublin.
IFDS acquired an initial interest in Percana in September 2008 in recognition of its outstanding technology,
strong existing client base and successful growth record. This is evident in Percana's signing of major new
client Pearl Group, in January 2010.
The integration of Percana into IFDS creates a new outsourced administration and servicing solution for the
European and offshore life assurance and pensions industry. The combination of IFDS’ award winning client
servicing capabilities, with advanced workflow and support technologies, integrated with the best of breed
technology platform from Percana creates a significant new option for both existing and new customers.
The IFDS group of companies provides integrated and customer focused administration solutions for a wide
range of financial and wrapper products for multiple international and offshore investment, insurance, life
and pension and wealth management organizations. The group, in conjunction with State Street, supports
financial institutions, distributors, platforms, advisors and investors in Australia, Canada, Germany, Hong
Kong, Ireland, Italy, Japan, Luxembourg, Singapore, Switzerland and the UK.
Paul O’Neil, Chief Executive Officer – IFDS, commented: "The purchase of Percana represents the next
phase in IFDS' growth plans. We are committed to expanding our product scope and market reach
throughout our existing investor record keeping and transfer agency solutions hand-in-hand with increasing
our presence in the life assurance and pensions market. The life assurance market is a key growth area for
IFDS, and the purchase of Percana brings an established and robust technology platform which is endorsed
by a respected selection of leading institutions in the market. We look forward to capitalizing on the
significant opportunities this acquisition affords."
Paul O’Kane, Executive Chairman – Percana, added: "We are excited to become part of the IFDS group
of companies, whose scale and international presence will enable us to achieve our ambitious growth
targets whilst offering our clients an enhanced full-service offering. The acquisition demonstrates the
confidence IFDS has in our business model, technology and people, and we look forward to building our
offering as the leading life and pensions outsourcing provider both domestically and internationally."
