Transact’s parent company IntegraFin Holdings has acquired financial planning software provider Time4Advice for an undisclosed sum.
Transact said the deal will help it improve its adviser back office processes as well as its platform.
The firm also said the acquisition would help it assist advisers as they continue with their digital transformation, though Time4Advice will remain a separate legal entity and keep its own brand.
Time4Advice teamed up with Microsoft to create adviser tech solution CURO which works by unifying a firm's business processes including CRM (customer relationship management) , advice and servicing, and back-office.
Co-founders Roland Rawicz-Szczerbo and Mitchell Philpott will both remain with the company and Transact said there will be no direct impact on the roles of staff at either firm.
Jonathan Gunby, chief executive officer at Transact said: “By working closely with Time4Advice we can help accelerate its growth and provide an enhanced service to advisers through process improvement.
“Technological integration will not be exclusive to Time4Advice and we already collaborate with a wide range of service providers to the financial planning sector.”
Ian McKenna, founder of FTRC (Finance Technology Research Centre), called the deal a “smart move”.
He said: “Time4Advice have become a significant player in the adviser practice management system market and the new ownership should put them in a strong position to accelerate development of additional functionality and services.
“Over the last few years advice software has evolved from being independent to being institutionally owned. Much of the real value for advisers and their clients is now being added by advice tech firms like Time4Advice.
“By owning a comprehensive practice management system Integrafin should benefit from an additional perspective on adviser operations. The combined business should be able to offer an outstanding customer experience for advisers and clients alike.”
The acquisition announcement comes after Transact ditched potential plans to buy rival platform Nucleus last week (January 5).
Integrafin Holdings said it had “no intention to make an offer” for the adviser wrap platform.
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