Back office technology provider Intelliflo has been sold to fund management firm Invesco for an undisclosed sum.
The company, which provides its services to around 30 per cent of UK advisers, had been owned by private equity investor HgCapital since 2013.
Nick Eatock, executive chairman of Intelliflo, said: "We are really excited by the promising future for our business and clients as part of Invesco’s global organisation.
"This will allow us to significantly invest in our core technology to help advisers meet the rapidly evolving demands of providing advice in the 21st century."
Hamish Purdey, chief executive of Intelliflo, said: "In a comparatively short space of time, we have built one of the UK’s largest pure-play software as a service businesses, and we now look forward to expanding our business, taking our market-leading technology into new markets across the globe.
"We will continue with our open architecture philosophy after the sale – it remains critically important to us that our financial adviser customers continue to be able to partner with the platforms, product providers, asset managers and software partners they choose."
Intelliflo, which offers the Intelligent Office software platform to advisers across the sector, was founded in 2004 and sells to around 2,000 firms, including Legal & General, Nationwide and SimplyBiz.
The business currently supports 19,000 investment professionals who manage more than £300bn of assets on behalf of more than 10.5m end clients.
Martin L Flanagan, president and chief executive of Invesco, said: "Invesco believes that financial advisers play an important role in enabling clients to reach their unique investment goals.
"The UK continues to be a key market focus for Invesco. We fully recognize that digital solutions are increasingly important as we seek to improve the support we provide for advisers to help them and their clients achieve their desired investment outcomes."
Two years ago Intelliflo began rolling out a robo-advice service which advisers can white-label through its Personal Finance Portal so they can offer their services to lower-value clients.
Intelliflo also recently launched IOStore, a portal of other technology firms which had integrated their systems with Intelligent Office, including SEI, CashCalc and Seven Investment Management.
damian.fantato@ft.com
