UK-based Fintel plc has concluded an all-cash acquisition deal worth £14.6 million to purchase Threesixty Services from abrdn plc. Fintel provides FinTech and support services to the country’s retail financial services sector under brands such as SIFA, Compliance First and SimplyBiz. The acquired Manchester-based firm offers compliance and business support services to over 900 independent financial adviser and discretionary fund management firms, featuring a client base of 10,000 advisers. This marks Fintel’s eighth acquisition in the past 12 months, adding to its recent purchases of ifaDASH, Owen James, Synaptic, Micap, Competent Adviser, VouchedFor, and AKG.
According to the deal, Threesixty’s external revenues of £6.5m in 2023 served as the basis for a revenue multiple of approximately 2.2x. Neil Stevens, Fintel’s joint CEO, said the company is thrilled to add Threesixty’s accomplished team and influential clients to its growing roster. With a shared commitment to promoting the value of financial advice, Stevens stated that the acquisition would work to enhance services for Threesixty clients through the joint investment in technology, which would potentially expand its broader technology and data platform’s benefits over time. The business sought to grow the Threesixty brand and quality services, aided by the support of the current leadership team that would continue to lead the business forward.
Transition words: UK-based Fintel plc has concluded an all-cash acquisition deal worth £14.6 million to purchase Threesixty Services from abrdn plc. Fintel provides FinTech and support services to the country’s retail financial services sector under brands such as SIFA, Compliance First and SimplyBiz.
The acquired Manchester-based firm offers compliance and business support services to over 900 independent financial adviser and discretionary fund management firms, featuring a client base of 10,000 advisers. This marks Fintel’s eighth acquisition in the past 12 months, adding to its recent purchases of ifaDASH, Owen James, Synaptic, Micap, Competent Adviser, VouchedFor, and AKG.
According to the deal, Threesixty’s external revenues of £6.5m in 2023 served as the basis for a revenue multiple of approximately 2.2x.
Neil Stevens, Fintel’s joint CEO, said the company is thrilled to add Threesixty’s accomplished team and influential clients to its growing roster. With a shared commitment to promoting the value of financial advice, Stevens stated that the acquisition would work to enhance services for Threesixty clients through the joint investment in technology, which would potentially expand its broader technology and data platform’s benefits over time. The business sought to grow the Threesixty brand and quality services, aided by the support of the current leadership team that would continue to lead the business forward.
