Irish Life has announced a deal to sell its third-party administration solutions business IPSI to financial technology company FNZ. 

Terms of the deal have not been disclosed by the two companies.

IPSI offers third party administration solutions, including professional support services and supported software solutions to clients in the life and pensions industry.

It employs over 250 people here.

Irish Life said that as part of its growth plans, it decided to sell the business to focus on core activity in Ireland. 

Many of IPSI's clients are based overseas while Irish Life focuses on the Irish market.

IPSI's clients are predominantly in the business to business space, while Irish Life is continuing to serve consumers here in Ireland as part of ambitious growth plans, the company added. 

"As Irish Life continues to focus on its core business, we believe that the IPSI team can go even further under new ownership as part of a dynamic company like FNZ which can help it realise its ambitionsm" commented Irish Life's CEO David Harney. 

"We believe that FNZ will prove an excellent partner for the next stage of IPSI's development," Mr Harney added. 

James Parker, CEO of IPSI, said that working with FNZ will provide the company with the opportunity to leverage its technology solutions to the benefit of its existing clients and policyholders.

He also said the deal will help the IPSI team explore opportunities to expand into growth markets.