Fintel plc has completed the £14.6 million acquisition of Threesixty Services from abrdn plc in an all-cash deal.
Fintel, headquartered in Huddersfield, is a provider of FinTech and support services to the UK retail financial services sector through its offerings SimplyBiz, Compliance First and SIFA.
It has now added the Manchester-based compliance and business support services firm, which serves over 900 independent financial adviser and discretionary fund management firms and 10,000 advisers, to that line-up.
threesixty delivered external revenues of £6.5m in 2023. Based on the cash consideration, this gives a revenue multiple of c.2.2x.
It is the eighth business acquired by Fintel over the past 12 months, joining AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James and ifaDASH.
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“We are delighted to welcome the very talented team and prestigious client base of threesixty to the Fintel family,” said Neil Stevens, joint CEO.
“With a shared commitment to promoting the value of professional financial advice, we believe this deal will further expand the choice of quality services in this vital sector.
“We are confident we can further enhance services for threesixty clients with joint investment in technology and will explore opportunities to make the benefits of our wider technology and data platform available over time.
“Our intention is to grow the strong brand and quality services of threesixty with the full support of the existing leadership, who will remain with the business to see it develop in the future.”