Financial technology firm Iress has acquired O&M Systems, paving the way for O&M MD Graham Miller to retire.

O&M provides pension and investment data and comparison tools to financial advisers. It has been sold to Iress for an undisclosed sum.

After 40 years in the industry, managing director and industry veteran Graham Miller plans to help with the handover until the end of the year and then retire.

He told Financial Planning Today: “Personally I’ve agreed to stay with O&M / IRESS until the end of the year. Then, after 40 years in the industry, 28 of which have been with O&M, I plan to retire.

“In terms of the company it’s business as usual for O&M. We remain focused with our plans for 2020 and Drawdown Reviews are a big part of the developments in the pipeline.

“We’ll share the next phase of these developments in the coming weeks. Our software is still O&M Profiler ESP and the price remains unchanged.”

O&M was established in 1992 and has more than 2,000 clients including pension and platform providers and advice businesses.

Iress said it has no current plans to alter the product name O&M Profiler. O&M are staying in Colchester and all staff will be retained.

O&M software will integrate directly into Iress’ Xplan software and is immediately available to Iress’ clients, as well as continuing as a standalone research service.

Phil Quin-Conroy, managing director, UK at Iress said: “Integrating O&M into Xplan will provide advisers with a powerful, combined advice and research solution. We are pleased all members of the existing O&M team will be joining Iress.”