Avelo director Paul Yates exits as Iress deal receives FCA approval

Avelo business development director Paul Yates has left the technology provider following the completion of its acquisition by Australian firm Iress.

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The announcement of Yates’ departure comes after Iress confirmed the £210m deal, tipped by Mortgage Strategy’s sister title Money Marketing in July this year, had received regulatory approval from the Financial Conduct Authority.

Integration of the two businesses will be overseen by Iress global chief executive Andrew Walsh, together with a UK management team headed by former Avelo chief executive Simon Badley.

Avelo provides sourcing systems for mortgage brokers, including Trigold and The Exchange.

Yates, who has previously held director roles at Sesame and Vertex Financial Services, has decided to leave the firm following the completion of the deal.

Badley says: “By joining forces with Iress, we have the opportunity to take this vision a step further and market technology built by Avelo on a global stage.

“I’d like to take this opportunity to thank Paul Yates for his contribution to the Avelo business to date, who has decided this point to be an appropriate time to exit the business and I wish him well in his future endeavours.”