Acquisitive business support firm swoops for two more companies
Huddersfield-headquartered Fintel, which provides fintech and support services to the UK retail and financial services sector, has made two further strategic acquisitions – VouchedFor and AKG.
VouchedFor is a review site for financial advisers, mortgage advisers, solicitors and accountants, serving over 5,000 intermediary customers.
The deal to acquire this firm was part debt funded with a net upfront cash consideration of £7.5m, of which £6.5m was drawn from Fintel’s £80m revolving credit facility.
AKG is a provider of independent assessments and ratings of financial strength for a range of organisations including life companies, investment platforms and discretionary fund managers.
Fintel says it funded the acquisition of AKG entirely from cash reserves, with a net upfront cash consideration of £1.6m.
VouchedFor and AKG mark the third and fourth acquisitions by Fintel this year, following its acquisitions of learning and development provider, Competent Adviser, and tax efficient investing specialists, Micap completed in July 2023.
Matt Timmins, joint CEO of Fintel, said: “Our positive trading momentum has continued into the second half, with continued growth in SaaS and Subscriptions revenues, supported by our resilient, diversified revenue base.
“VouchedFor and AKG are two market leading businesses which are highly complementary to our offering and share our vision.
“VouchedFor is the UK’s standard bearer for Trusted Advice while AKG has been at the forefront of financial strength ratings and consultancy for over 20 years.
“Both have strong adjacencies in terms of our capabilities and customers, and we look forward to further developing their compelling growth prospects.
“We continue to deliver growth organically and make progress consolidating the fragmented software market, providing efficiencies for advisers and creating better outcomes for all participants.”
