The deal, expected to complete in the first quarter of next year, will see FNZ take on Appway’s contracts with a number of wealth manager clients - including Credit Suisse, HSBC, Investec and Deutsche Boerse.
FNZ said Appway will help it speed up onboarding advisers’ clients on platforms by “90 per cent”, through automating more steps in the wealth management workflow.
As part of the transaction, Hanspeter Wolf, Appway’s founder and chief executive, will become FNZ’s chief technology officer.
FNZ already provides 150 wealth managers, banks, insurers and asset managers with a transaction and custody platform, with $1.5trn (£1.1trn) under administration - representative of the combined savings and investments of around 20m customers.
Adrian Durham, FNZ’s chief executive, said: “Both our companies have a shared vision, relentless focus on customer success and a track record of innovation.”
Durham called Appway’s Hanspeter “an inspirational and seasoned leader with rich experience in the technology sector”.
He added: “We are delighted to welcome him and the talented Appway team into FNZ.”
One of Appway’s board directors, Matthias Allgaier, previously sat on FNZ’s board.
Allgaier said: “Both Appway and FNZ are leaders in their respective fields. I have been proud to work alongside Hanspeter and the Appway team since partnering with the company in early 2020.
“Over the course of the last two years, Appway has continued to deliver innovative solutions designed to revolutionise the customer experience for financial institutions.
“I’m looking forward to once again working with FNZ, where I previously served on the board. I believe this combined team and solution set will help their customers deliver revenue growth and improved operating margins through digital transformation.”
Last year FNZ’s major acquisition of rival GBST was blocked by the competition watchdog, forcing it to sell the firm.
The regulator concluded the move would see customers using investment platforms face “higher costs and lower quality services”, contributing to a less competitive market.
It said FNZ and GBST were two of the leading suppliers and the combined entity would hold almost half of the market.