REG - Fintel PLC - Acquisition of threesixty

FintelAnnouncement

03/07/2024 07:00

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RNS Number : 8791U  Fintel PLC  03 July 2024

3 July 2024

Fintel plc

 

("Fintel", the "Company" or the "Group")

 

Acquisition of threesixty

 

 

Fintel (AIM: FNTL), the leading provider of fintech and support services to
the UK retail financial services sector, today announced the successful
completion of the previously announced acquisition of Threesixty Services
Limited ("threesixty"), a provider of compliance and business support
services, from abrdn plc.

 

The acquisition will further strengthen Fintel's range of quality services
available to professional intermediaries, complementing its current offerings
of SimplyBiz, Compliance First, and SIFA. threesixty clients will directly
benefit from access to Fintel's extensive technology and service platform.

 

Fintel has acquired 100% of the issued share capital in threesixty for a gross
upfront cash consideration of £14.6m. This has been funded from Fintel's
existing financial resources. The business serves over 900 Independent
Financial Adviser and Discretionary Fund Management firms and 10,000 advisers
and delivered external revenues of £6.5m in 2023. Based on the cash
consideration, this gives an attractive revenue multiple of c.2.2x.

 

threesixty is the eighth business acquired by Fintel over the past twelve
months, joining AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen
James, and ifaDASH as Fintel continues to extend its reach and capabilities.

 

Neil Stevens, Joint CEO of Fintel, commented:

 

"We are delighted to welcome the very talented team and prestigious client
base of threesixty to the Fintel family. 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".

 

 

ENDS

 

For further information, please contact:

                                                via MHP Group

 Fintel plc

 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

 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
(https://protect.checkpoint.com/v2/___http:/www.wearefintel.com___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzo0YTYyOTYxNjYzY2JiMzcwZTdkMmYxMjY2Njk0NjZiMDo2OmU0MTY6Y2Q1ZDVkZGYzNGZmMTMwODUxYzFjYTIxYTQ0NTIzYWQwNjQyYjI2Yzc2MWY3MjhiZTJiNzUyODBkMGU1ODkwNzpwOkY6Tg)

 

 

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