Fintel acquires Threesixty Services from Abrdn

3rd Jul 2024 12:22

(Sharecast News) - Fintech and support services provider Fintel announced the completed acquisition of Threesixty Services from Abrdn on Wednesday.

The AIM-traded firm said the acquisition would enhance its service offerings for professional intermediaries, adding to its existing portfolio, which includes SimplyBiz, Compliance First, and SIFA.

Fintel acquired 100% of Threesixty's issued share capital for a gross upfront cash consideration of £14.6m, funded from its existing financial resources.

Threesixty serves more than 900 independent financial adviser (IFA) and discretionary fund management (DFM) firms, encompassing 10,000 advisers, and generated external revenues of £6.5m in 2023.

The acquisition represented a revenue multiple of about 2.2x based on the cash consideration.

Fintel noted that the acquisition was the eighth it had made in the last year, joining additions such as AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, and ifaDASH.

"We are delighted to welcome the very talented team and prestigious client base of Threesixty to the Fintel family," said joint chief executive officer Neil Stevens.

"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."

At 1417 BST, shares in Fintel were up 0.33% at 307p.

Reporting by Josh White for Sharecast.com.