Fintel PLC Acquisition of Synaptic Software (6358V)
2023年12月5日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMFNTL
RNS Number : 6358V
Fintel PLC
05 December 2023
5 December 2023
Fintel plc
("Fintel", the "Company" or the "Group")
Acquisition of Synaptic Software
Further strategic investment to expand capabilities
Fintel (AIM: FNTL), the leading provider of fintech and support
services to the UK retail financial services sector, today
announced that it has agreed to acquire Synaptic Software
("Synaptic"), an independent provider of financial adviser planning
and research software.
Synaptic services over 1,600 financial advisers, providing due
diligence research, compliance tools and software which streamlines
customers' journeys. It has a highly regarded range of products,
which allow advisers to realise efficiency benefits and generate
better outcomes for their customers.
Fintel will acquire Synaptic via Fintel IQ, its technology and
knowledge platform, further enhancing its capabilities, scale and
IP. Under the terms of the acquisition, Synaptic is being acquired
for a net upfront cash consideration of GBP3.5m, funded entirely
from Fintel's existing financial resources with further GBP0.5m of
development expenditure committed to enhance and integrate its
products. The acquisition is expected to complete in the coming
months, subject to regulatory approval. On completion, the business
is expected to have annual revenues of c.GBP2.3m and be in a break
even position.
The acquisition is in line with Fintel's strategy to improve the
retail financial services market, promote the value of financial
advice and increase consumer confidence and trust. Synaptic is the
fifth business acquired by Fintel this year, joining AKG,
VouchedFor, Competent Adviser and Micap on our expanded
platform.
Neil Stevens, Joint CEO of Fintel, commented:
"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."
ENDS
For further information, please contact:
Fintel plc via MHP Group
Matt Timmins (Joint Chief Executive
Officer)
Neil Stevens (Joint Chief Executive
Officer)
David Thompson (Chief Financial
Officer)
Zeus (Nominated Adviser and
Joint Broker)
Martin Green
Dan Bate
Kieran Russell +44 (0) 20 3829 5000
Investec Bank (Joint Broker)
Bruce Garrow
David Anderson
Harry Hargreaves +44 (0) 20 7597 5970
MHP Group (Financial PR) +44 (0)7736 464749
Reg Hoare Fintel@mhpgroup.com
Robert Collett-Creedy
Notes to Editors
Fintel is the UK's leading fintech and support services
business, combining the largest provider of intermediary business
support, SimplyBiz, and the leading research, ratings and Fintech
business, Defaqto.
Fintel provides technology, compliance and regulatory support to
thousands of intermediary businesses, data and targeted
distribution services to hundreds of product providers and empowers
millions of consumers to make better informed financial decisions.
We serve our customers through three core divisions:
The Intermediary Services division provides technology,
compliance, and regulatory support to thousands of intermediary
businesses through a comprehensive membership model. Members
include directly authorised IFAs, Wealth Managers and Mortgage
Brokers.
The Distribution Channels division delivers market Insight and
analysis and targeted distribution strategies to financial
institutions and product providers. Clients include major Life and
Pension companies, Investment Houses, Banks, and Building
Societies.
The Fintech and Research division (Defaqto) provides market
leading software, financial information and product research to
product providers and intermediaries. Defaqto also provides product
ratings (Star Ratings) on thousands of financial products.
Financial products are expertly reviewed by the Defaqto research
team and are compared and rated based on their underlying features
and benefits. Defaqto ratings help consumers compare and buy
financial products with confidence.
For more information about Fintel, please visit the website:
www.wearefintel.com
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END
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December 05, 2023 02:00 ET (07:00 GMT)
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