Specialist software provider to be acquired by business support company

Fintel, which provides fintech and support services to the UK retail financial services sector, is acquiring Synaptic Software, an independent provider of financial adviser planning and research software.

Synaptic services over 1,600 financial advisers, providing due diligence research, compliance tools and software which streamlines customers’ journeys.

Huddersfield-headquartered Fintel will acquire Synaptic via Fintel IQ, its technology and knowledge platform, further enhancing its capabilities, scale and IP.

Synaptic is being acquired for a net upfront cash consideration of £3.5m, funded entirely from Fintel’s existing financial resources with a further £500,000 worth of development expenditure committed to enhance and integrate its products.

The acquisition is expected to complete in the coming months, subject to regulatory approval.

On completion, the business is expected to have annual revenues of about £2.3m and to be in a break even position.

Synaptic is the fifth business acquired by Fintel this year, joining AKG, VouchedFor, Competent Adviser and Micap.

 Neil Stevens, joint CEO of Fintel, said: “Synaptic is an established adviser software and research business which complements and extends our current capabilities, and offers us positive synergistic opportunities for growth and value in the near term.

“This transaction will further cement our central market position as the provider of technology, research and consulting services to the adviser market.”