REG - Fintel PLC - Acquisition of Synaptic Software

FintelAnnouncement

05/12/2023 07:00

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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 £3.5m, funded entirely from Fintel's existing financial
resources with further £0.5m 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.£2.3m 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)      +44 (0) 20 3829 5000

 Martin Green

 Dan Bate

 Kieran Russell

 Investec Bank (Joint Broker)                   +44 (0) 20 7597 5970

 Bruce Garrow

 David Anderson

 Harry Hargreaves

 MHP Group (Financial PR)                       +44 (0)7736 464749

 Reg Hoare                                      Fintel@mhpgroup.com (mailto: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 (http://www.wearefintel.com)

 

 

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