Advice technology firm, Focus Business Solutions, trading as Focus Advice Technology, has completed its management buyout (MBO) from Abrdn.
The buyout was led by Dave Upton (pictured), who has been with the business since 2007, and will assume the role of CEO with immediate effect.
The firm said its return to independence after nearly 14 years of operating as part of a FTSE-listed business puts it in a strong position to deliver on its growth ambitions.
It added key to achieving these aims will be to broaden the Focus client base and drive the transformation of the advice tech industry through its unique technology solutions.
Focus’ technology provides advice firms, consolidators, building societies and platforms with advice engine automation in a bid to minimise the time spent on each advice case and allow clients to scale while delivering more consistent advice and a better customer journey through sophisticated advice automation.
The Focus team has leveraged more than 30 years of expertise and invested heavily to build a native Azure advice platform from the ground up and deploys an in-house customer led design practice focused on the experience of the end user.
Its API-first cloud technology provides the foundation to transform advice delivery.
Focus was founded in 1993 and acquired by Standard Life in 2011.
Over the past 30 years, the business has offered UK advice firms multi-channel, digital and advanced automated advice solutions across protection, pensions and investments.
Its client base includes NFUM, Skipton, Abrdn, Santander, Bank of Ireland and others serving customers across the UK and Ireland.
As an independent software vendor, Focus will retain the processes established as part of Abrdn, to maintain the standards required in servicing existing and new clients along with its ISO27001 certification.
Abrdn will remain a minority investor in the business with a seat on the Focus board and will remain a customer of the Focus business.
Upton said: “Being part of Abrdn enabled us to strengthen our practice and processes over the past decade.
“Our return to independence means we can take our learnings to even more advice firms across the UK, with a talented customer-centric team, innovative new technology and a robust balance sheet in place.
“We are in a stronger position than ever to serve both existing and new customers as well as delivering transformational new growth.
“Our vision is a transformed UK advice industry, with far more efficient advice delivery leading to more affordable servicing of more consumers.
“We look forward to offering our innovative products to the wider market and have a solid pipeline of new and exciting digital solutions in design.”
David Scott, chief enterprise technology officer at Abrdn, added: “Focus has the team, the tech, the expertise and the client-focus to thrive as an independent business.
“We are pleased to have completed a successful MBO process and look forward to continuing to work with Dave Upton and his team as they progress on that journey.”
