Sys Group, the fast-growing Irish financial services group, has announced the acquisition of two financial planning firms as it sets its sights on having assets of €1 billion under management this year.

Founded by Tony Delaney, the Nenagh, Co Tipperary-headquartered group has agreed to add Qifa Financial Planners in Mallow, Co Cork, and Efficient Financial in Arklow, Co Wicklow, to its growing stable of brokerages.

Combined, the two transactions will add €126 million to the value of Sys Group’s assets under management, which now stand at more than €650 million, the group said in a statement on Monday.

Qifa, which was founded in 2006 by managing director Sean Lynch, manages some €76 million of client assets.

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Efficient Financial, meanwhile, was founded in 1976 by Henry Crummy and is now operated by his sons Harry and Derek. The firm manages client assets of €50 million and, like Qifa, provides specialist financial planning, wealth management and other services.

Mr Delaney, the chief executive of Sys Group, said the transactions are a “landmark moment” for the group.

“These acquisitions strengthen our presence in key regional markets and reinforce our ambition to be the leading provider of client-focused financial planning in Ireland,” he said.

“I’m particularly pleased that Sean and Harry will take on senior roles within SYS Financial. Their involvement ensures continuity for clients and adds significant leadership depth to our team.”

Mr Lynch said joining the Sys stable will allow Qifa to continue its growth path “with the backing of an exceptional organisation”.

Mr Crummy said the deal will give Efficient Financial access to “enhanced resources, cutting-edge technology, and broader expertise”.

Sys Group has grown rapidly in recent years, acquiring the likes of Cork-based Global Life & Finance last year, which added €100 million to its asset base.

The deal was one of four transactions completed by the group last year, which Sys Group said would position it “as one of the leading Irish financial services businesses”.

The group, which Mr Delaney founded in 2015, is aiming to have €1 billion in assets under management by the end of 2025, through further acquisitions.

Sys Group employs 67 people across its four offices nationwide.