Equiniti Group has bought Aquila from AquilaHeywood for an undisclosed sum.
Aquila is a UK-based life and pensions technology provider for pension schemes and large insurance companies. Aquila proprietary platform, administrator, supports propositions in workplace savings, bulk purchase annuities and heritage transformation.
Equiniti said the deal - which completed yesterday - is in line with its strategy of acquiring capabilities to enhance client offerings and further boosts its EQPaymaster division's position as a technology and solutions provider.
Aquila will predominately support Equiniti's life and pensions team to add depth of choice to its technology solutions and diversify its overall proposition, as well as enhancing software options available to its existing clients.
AquilaHeywood - and its remaining subsidiaries including Heywood, ATMOS and i-Connect - is not being acquired as part of this transaction and will remain under the ownership of its existing shareholders.
EQPaymaster co-chief executive Ric Williams said: "Aquila will enhance EQPaymaster's technology and services to the insurance market and broader financial services space, alongside our existing capability.
"I look forward to offering an enhanced combination of technology and services to our new and existing clients and building upon Aquila's investment in the proprietary 'Administrator' platform."
The deal comes just weeks after Equiniti announced it had bought the Cabinet Office's 24% stake in MyCSP and extended its contract to administer the Civil Service pension schemes until the end of 2021.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
The Hewlett Packard Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator (TPA) for five years.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.