Fintel plc has completed the acquisition of Threesixty Services from abrdn plc for £14.6 million in an all-cash transaction. This marks Fintel’s eighth acquisition in the past year.
Fintel, based in Huddersfield, provides fintech and support services to the UK retail financial services sector through its brands SimplyBiz, Compliance First, and SIFA. With the addition of Threesixty Services, a Manchester-based firm, Fintel now serves over 900 independent financial adviser and discretionary fund management firms and 10,000 advisers.
Threesixty Services generated external revenues of £6.5 million in 2023, giving the acquisition a revenue multiple of approximately 2.2x.
Neil Stevens, joint CEO of Fintel, expressed enthusiasm about the acquisition: “We are delighted to welcome the talented team and prestigious client base of Threesixty to the Fintel family. With a shared commitment to promoting the value of professional financial advice, we believe this deal will further expand the choice of quality services in this vital sector.”
Stevens added, “We are confident we can enhance services for Threesixty clients through joint investment in technology and will explore opportunities to leverage our wider technology and data platform over time. Our intention is to grow the strong brand and quality services of Threesixty with the full support of the existing leadership, who will remain with the business to see it develop in the future.”
The acquisition of Threesixty Services adds to Fintel’s growing portfolio, which now includes AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, and ifaDASH.
Source: businesscloud.co.uk
