Fintel has purchased independent provider of adviser planning tools, Synaptic Software, in a deal worth £3.5mn.
Synaptic is currently used by more than 1,600 financial advisers, providing due diligence research, compliance tools and software to streamline customers’ journeys.
Fintel will acquire Synaptic via Fintel IQ, its technology and knowledge platform.
It is being bought for an "upfront cash consideration" of £3.5mn, with further £500,000 committed to develop the technology and integrate its products.
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.
"We are committed to investing in Synaptic, developing its standalone products and bringing the Webline integration to Defaqto Engage as high priorities, as we continue to enhance our offering and create better outcomes for all.”
The latest acquisition comes less than a month after Fintel purchased VouchedFor and AKG for a combined total of £9.1mn.
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."
Last month, Stevens told the FT Adviser that Fintel, which is also the parent company of Defaqto and SimplyBiz, wants to make financial advice more accessible and hoped to do so with its acquisitions.
He said: "We want more and more consumers to be able to benefit from advice and we want advisers to be able to benefit from great technology and information that helps them give advice to their customers.
“It's all part of the same mission, it’s about getting better outcomes.”
tara.o'connor@ft.com
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