Global WealthTech company GBST has renewed its strategic partnership with Novia Global, continuing a long-term relationship which has seen BST technology powering the international wealth management platform since its launch in 2015.
Under the agreement, Novia Global's core technology will continue to be underpinned by the Composer wealth management platform, which is fully managed and hosted by GBST on the Amazon Web Services (AWS) cloud infrastructure.
Composer provides a robust, scalable API enabled SaaS solution. Built on a microservices architecture it has supported Novia Global's continued growth following an almost 150% increase in customers in the two years to the end of 2022.
Novia Global intends to continue the extension of its global reach, with development planned in the Middle East, complementing GBST's own expansion into the region with the launch of Composer in the UAE last year.
The contract renewal sees Novia Global expanding the multi-currency enabled products administered on Composer to support ISAs alongside SIPPs for non-UK residents and foreign nationals residing in the UK.
The new agreement also includes dedicated resources to support the live software as well as testing, planning and implementation of new releases and upgrades.
David Simpson, head of EMEA at GBST, said: "At GBST, we value our long-term partnerships with our clients and are delighted that Composer will continue to power the Novia Global platform for a further five years.
"As a technology company, we understand the need to continually innovate in line with the evolving needs of our clients, the market and end investors. Over the last few years, we have invested heavily in Composer to transform it into a scalable SaaS solution that helps our clients increase efficiency, lower costs, reduce risk, and benefit from a more user-friendly and advanced digital experience.
"This ongoing investment in our core technology ensures that clients like Novia Global will continue to benefit from the flexibility and security of our modern wealth management platform as it further develops its proposition to the international market."
Steve Andrews, chief executive of Novia Global, added: "GBST has provided the technology to support our operations since the launch of our platform almost a decade ago.
"Over that time, we have seen significant growth, not only in assets under administration and the number of advisers and their clients who rely on our platform, but also in our international presence and the functionality, product wrappers and currencies we offer.
"Throughout our journey, the Composer platform has evolved with us, and we look forward to continuing to realise our growth ambitions, with GBST by our side."
