Fintel group to acquire Threesixty Services
Listed fintech business Fintel is to acquire Sharston-based Threesixty Services Limited from financial services giant abrdn plc.
Threesixty provides compliance and business support services to over 900 Independent Financial Adviser and Wealth Manager firms.
In a brief stock market announcement this morning Fintel confirmed the intention to acquire Threesixty as part of its ongoing expansion in the financial services sector.
Previously known as SimplyBiz Group, Fintel acquired acquired financial services rating service Defaqto in 2019 and rebranded the whole group as Fintel as “the next stage of our digital strategy and moves our business from a branded house under SimplyBiz to a house of quality brands under Fintel.”
Neil Stevens, Joint CEO of Fintel, commented: “We believe that Fintel is the natural home for the threesixty team and clients. We have been committed to supporting professional advice firms for over 20 years, and our group aims to operate the strongest independent brands and most prestigious services, software and data offerings in the market.”
Threesixty was founded in Cheshire in 2002, in 2010 the service business was sold to Standard Life, which in turn was acquired by Aberdeen Asset Management, before its own rebrand to abrdn.
According to its most recent set of accounts, the limited partnership recorded sales of £6,785,524 and profit before distribution to partners of £821,529.
A spokesperson for Fintel told theBusinessDesk.com this morning that more details would be released “on completion” of the deal.
