LONDON, UK: Fintel Plc (AIM: FNTL), the leading provider of fintech and support services to the UK retail financial services sector, announced the successful completion of the previously announced acquisition of Threesixty Services Limited, a provider of compliance and business support services, from abrdn plc.

The acquisition will further strengthen Fintel’s range of quality services available to professional intermediaries, complementing its current offerings of SimplyBiz, Compliance First, and SIFA. threesixty clients will directly benefit from access to Fintel’s extensive technology and service platform.

Fintel has acquired 100% of the issued share capital in threesixty for a gross upfront cash consideration of £14.6m. This has been funded from Fintel’s existing financial resources. The business serves over 900 Independent Financial Adviser and Discretionary Fund Management firms and 10,000 advisers and delivered external revenues of £6.5m in 2023. Based on the cash consideration, this gives an attractive revenue multiple of c.2.2x.

threesixty is the eighth business acquired by Fintel over the past twelve months, joining AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, and ifaDASH as Fintel continues to extend its reach and capabilities.

Neil Stevens, Joint CEO of Fintel, commented: “We are delighted to welcome the very talented team and prestigious client base of threesixty to the Fintel family. With a shared commitment to promoting the value of professional financial advice, we believe this deal will further expand the choice of quality services in this vital sector. We are confident we can further enhance services for threesixty clients with joint investment in technology and will explore opportunities to make the benefits of our wider technology and data platform available over time.

Our intention is to grow the strong brand and quality services of threesixty with the full support of the existing leadership, who will remain with the business to see it develop in the future”.