Fintech provider Fintel has acquired adviser planning and research software group Synaptic Software in a deal worth £3.5 million.
Synaptic is currently used by more than 1,600 advisers, providing due diligence, compliance tools and software.
Fintel has made the acquisition via its technology and knowledge platform Fintel IQ.
The firm is being bought for £3.5 million in cash, funded from Fintel’s existing financial resources, with a further £0.5 million committed to enhance and integrate its products.
Fintel said the acquisition is in line with its strategy to improve the retail financial services market and increase consumer confidence and trust.
Neil Stevens, joint CEO of Fintel, said: “Synaptic is an established adviser software and research business which complements and extends our current capabilities and offers us positive synergistic opportunities for growth and value in the near term. This transaction will further cement our central market position as the provider of technology, research and consulting services to the adviser market.”
Richard Tailby, head of sales at Synaptic, added: “We are delighted to join the Fintel business and believe that Fintel IQ represents an unrivalled platform of connected software solutions that will deliver innovation and investment for our products and services. This deal secures accelerated investment and gives us a far bigger distribution platform for future growth.”
Main image: alev-takil-7ojyp-IXW7w-unsplash
