Fintel pays Abrdn £14.6m for Threesixty amid acquisition spree
SimplyBiz parent company Fintel has completed its purchase of Threesixty Services from asset manager Abrdn in the AIM-listed firm’s latest acquisition.
The deal saw Fintel, a provider of fintech and advisory support services, pay £14.6m for Threesixty, which serves more than 900 advice and wealth management firms. Threesixty generated £6.5m in external revenues last year.
Fintel said the acquisition would further its range of services for professional intermediaries and complement the offerings of SimplyBiz, Compliance First and SIFA. It added that Threesixty clients would directly benefit from access to Fintel’s “extensive technology and service platform”.
“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,” said Neil Stevens, Fintel’s joint chief executive.
“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.”
He added that Fintel intended to grow Threesixty’s “strong brand” and that the business’ existing leadership would remain in place.
The transaction underscores Fintel’s strategy of expanding its offering through acquisitions, with Threesixty becoming the eighth business it has purchased over the last year.
Fintel acquired financial services event firm Owen James Events in a £2.3m deal in January and later bought fintech provider IFA Dash in March.
Threesixty was established in 2003, initially focusing on compliance support before expanding into other areas of advice businesses. The company was acquired by Standard Life in 2010.