Fintel, the parent company of Simplybiz, has acquired Synaptic Software. Synaptic services more than 1,600 advisers, providing due diligence research, compliance tools, and software, including Pathways and Webline, which streamlines clients’ journeys.
The acquisition has been carried out through Fintel IQ, the business’s technology and knowledge platform, as a key extension into ‘quote and apply’ workflows for insurance products.
Fintel paid £3.5m net cash for the deal, with an additional £500k expenditure committed to development, to begin as soon as possible.
The acquisition is signed and expected to complete in the coming months, subject to regulatory approval with the Financial Conduct Authority (FCA). Ben Rogers and Ian Henry will leave Synaptic Software, remaining in leadership roles with AdvT.
Neil Stevens, co-CEO of Fintel, said: ”Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply’ workflows for protection insurance advice. We welcome Synaptic’s 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.
“Alongside its standalone software products, Synaptic has also developed a unique offering in Pathways; a native Salesforce user interface for investment and protection advice that is particularly powerful for larger advice businesses.
“We will be investing in evolving the standalone products and bringing the Webline integrations to Defaqto Engage as a high priority.”
Richard Tailby, head of sales at Synaptic, added: “We are delighted to join the Fintel business and believe that Fintel IQ represents an unrivalled platform of connected software solutions that will deliver innovation and investment for our products and services.
“This deal secures accelerated investment and gives us a far bigger distribution platform for future growth.”
Synaptic is the fifth business acquired by Fintel, which is the parent company of SimplyBiz and Defaqto, this year and joins advice directory and Consumer Duty platform VouchedFor, learning and development platform Competent Adviser, tax efficient investing specialists, MiCap, and independent ratings provider AKG.