Fintel (LON:FNTL), a supplier of fintech and help providers to the UK retail monetary providers sector, right this moment introduced that it has agreed to amass Synaptic Software program, an impartial supplier of monetary adviser planning and analysis software program.
Synaptic providers over 1,600 monetary advisers, offering due diligence analysis, compliance instruments and software program which streamlines prospects’ journeys. It has a extremely regarded vary of merchandise, which permit advisers to understand effectivity advantages and generate higher outcomes for his or her prospects.
Fintel will purchase Synaptic by way of Fintel IQ, its expertise and data platform, additional enhancing its capabilities, scale and IP. Below the phrases of the acquisition, Synaptic is being acquired for a internet upfront money consideration of £3.5 million, funded fully from Fintel’s present monetary assets with additional £0.5 million of growth expenditure dedicated to reinforce and combine its merchandise.
The acquisition is anticipated to finish within the coming months, topic to regulatory approval.
On completion, the enterprise is anticipated to have annual revenues of roughly £2.3 million and be in a break even place.
The acquisition is consistent with Fintel’s technique to enhance the retail monetary providers market, promote the worth of monetary recommendation and improve shopper confidence and belief. Synaptic is the fifth enterprise acquired by Fintel this 12 months, becoming a member of AKG, VouchedFor, Competent Adviser and Micap on its expanded platform.
Neil Stevens, Joint CEO of Fintel, commented:
“Synaptic is a longtime adviser software program and analysis enterprise which enhances and extends our present capabilities, and affords us constructive synergistic alternatives for progress and worth within the close to time period. This transaction will additional cement our central market place because the supplier of expertise, analysis and consulting providers to the adviser market. We’re dedicated to investing in Synaptic, growing its standalone merchandise and bringing the Webline integration to Defaqto Interact as excessive priorities, as we proceed to reinforce our providing and create higher outcomes for all.”