Fintel, the parent company of SimplyBiz and Deaqto, has bought platform Owen James Events as it looks to expand its range of services to advisers.
Fintel made the purchase via its own platform Fintel IQ in a deal worth up to £2.3mn.
Owen James Events is a platform for strategic events across the financial services sector and is known for its ‘Meeting of Minds’, ‘WealthTech Matters’, and white-labelled ‘Red Folder’ events.
The company will remain independent but will operate within Fintel IQ, with managing director James Goad remaining with the business.
Neil Stevens, joint chief executive of Fintel, said: “This deal will allow Owen James to expand its already significant range of services, delivering education and strategic engagement opportunities to greater numbers of advice firms, wealth managers, paraplanners, mortgage brokers, and those in the private banking sector.”
According to Fintel’s year end trading update, the business plans to continue buying services this year which it says is supported by £69mn of headroom in its £80mn credit facility.
Matt Timmins, joint chief executive of Fintel, added: “We are completely focused on consolidating a fragmented market to enhance our scale, proposition, and IP.”
Fintel’s core business grew by 5.6 per cent for the year ended 31 December 2023.
Although mortgage related activities experienced a 21.2 per cent drop in revenue during 2023, Fintel said this was offset by ongoing growth in fintech software revenue and software license sales.
The non-core business generated revenues of £8.4mn which was in line with Fintel’s expectations against the UK housing market backdrop.
Fintel made five other deals in 2023 including AKG, Micap, Vouchedfor, Competent Adviser and most recently Synaptic Software for £3.5mn.
Looking forward, with interest rates expected to come down and market activity to adjust positively in 2024, Fintel believes it will benefit from a recovery in the mortgage market.
It also plans to increase regulatory requirements to meet the FCA’s consumer duty standards.
alina.khan@ft.com
