Standard Life is set to acquire IT supplier Focus Solutions Group for approximately £42 million.

The savings and investment firm said the transaction will help to improve its systems and capitalise on opportunities arising within its key corporate and retail markets.

Standard Life will combine Focus Solutions' technology with its own Wrap platform and the Focus Solutions brand will be retained.

David Nish, chief executive at the company, said: "Standard Life continues to focus on the delivery of solutions and services for intermediaries and other distribution channels. Consistent with our previous acquisitions of [benefits technology firm] Vebnet and [independent financial adviser services firm] threesixty, the acquisition of Focus provides further capability in providing support, technology and innovation to our core markets and customers."