Fintel pays Abrdn £14.6m for Threesixty in acquisition spree

SimplyBiz parent company Fintel has completed the purchase of Threesixty Services from asset manager Abrdn, the latest acquisition for the AIM-listed company.

As part of the deal, Fintel, a fintech and advisory services provider, paid £14.6m for Threesixty, which serves more than 900 advisory and wealth management firms. Threesixty generated £6.5m of external revenue last year.

Fintel said the acquisition would expand its range of services for professional intermediaries and complement its SimplyBiz, Compliance First and SIFA offerings. It added that Threesixty customers would directly benefit from access to Fintel’s “extensive technology and services platform.”

“With our shared commitment to promoting the value of professional financial advice, we believe this agreement will further expand the choice of high-quality services in this important sector,” said Neil Stevens, CEO of Fintel.

“We are confident that by investing in technology together, we can further enhance the service we provide to Threesixty’s customers. Over time, we will look to extend the benefits of our broader technology and data platform.”

He added that Fintel intends to develop Threesixty’s “strong brand” and that the company’s current management will remain in their positions.

The transaction confirms Fintel’s strategy to expand its offering through acquisitions. Threesixty is the eighth company the company has acquired in the past year.

In January, Fintel acquired financial events company Owen James Events for £2.3m, and in March it bought fintech services provider IFA Dash.

Threesixty was founded in 2003, initially focusing on compliance support before expanding into other areas of advice. The company was acquired by Standard Life in 2010.