Edinburgh-based Origo, the critical infrastructure provider behind the UK’s Pensions Dashboard Programme, has been bought by US software group iPipeline after clearing regulatory scrutiny from the Competition and Markets Authority.
iPipeline’s acquisition of Origo ends a four-year period of private equity ownership under Vespa Capital. The deal follows receipt of all required regulatory approvals, including sign-off from the UK’s competition watchdog.
Origo builds the SaaS technology that connects platforms, pension and investment providers, financial advisers and consumers across the UK savings market, operating through its Origo and Unipass brands. The Edinburgh firm is also the architect behind the UK Pensions Dashboard Programme, the largest pensions technology project the government has undertaken, which will eventually give every UK citizen visibility of their state, workplace and personal pension savings in one place.
Vespa Capital, the London-based private equity house, backed Origo’s management team in May 2022 to accelerate product development and commercial growth. During that period, the firm says revenue and EBITDA grew substantially, with EBITDA up more than sevenfold. Origo launched three new SaaS propositions, including Origo Asset Migration, and delivered over six million pension transfers, while appointing a chief product officer and a chief financial officer to strengthen its senior team.
Khidhr Shafiq, partner at Vespa Capital, said Origo held “a unique position in the pensions and lifetime savings industry as the trusted provider of its critical infrastructure.” He described the business as “exactly the kind of niche market leader Vespa Capital looks to back: strongly positioned, exceptionally led, with real room to grow.”
Anthony Rafferty, chief executive of Origo, called the four years working with Vespa Capital “the most successful and enjoyable” of his career, and said the business had found in iPipeline “a partner that shares our vision of connected financial services.”
iPipeline, which is part of Nasdaq-listed Roper Technologies (Nasdaq: ROP), was itself acquired by Roper in 2019. Roper is a constituent of the Nasdaq 100, S&P 500 and Fortune 500 indices and has a track record of buying and running technology companies with strong positions in niche markets.
Pat O’Donnell, chief executive of iPipeline, said the acquisition reflected the company’s vision of helping financial services firms “operate in a more connected and efficient way,” adding that Origo’s expertise in trusted connectivity “aligns closely with iPipeline’s strengths.”
Rachel Edwards, managing director for UK and Europe at iPipeline, said the deal brought together “two organisations that share a common belief: the best innovation comes from working closely with customers.” She added that combining Origo’s connectivity capabilities with iPipeline’s technology would help “create a more connected ecosystem” for advisers and providers.
The acquisition strengthens iPipeline’s foothold in the UK wealth and retirement market at a time when insurance, retirement and wealth management are becoming increasingly interlinked. Both the Origo and Unipass brands will continue to operate under their existing names as part of iPipeline, with customers told to expect continuity of service through the transition.
GP Bullhound, DLA Piper, Oliver Wyman, EY and SeedCloud advised Origo and Vespa Capital on the transaction.
Attention in the platforms and technology space will now turn to how quickly iPipeline integrates Origo’s connectivity tools with its own SSG Digital platform, and what that means for the advisers, providers and pension schemes that rely on the Pensions Dashboard infrastructure Origo built.
