Fintel has announced its acquisition of Synaptic Software. Synaptic, which services over 1,600 advisers, is known for its due diligence research, compliance tools, and software including Pathways and Webline, aimed at streamlining client journeys.
The acquisition is conducted through Fintel IQ, the company’s technology and knowledge platform, marking a key move into ‘quote and apply’ workflows for insurance products. Fintel has invested £3.5m net cash in the deal, with an additional £0.5m committed to development.
Completion of the acquisition is expected in the upcoming months, subject to regulatory approval by the FCA. Ben Rogers and Ian Henry will transition from their current roles at Synaptic to leadership positions with AdvT.
Neil Stevens, co-CEO of Fintel, commented on the acquisition: “Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply’ workflows for protection insurance advice. We welcome Synaptic’s 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.
“Alongside its standalone software products, Synaptic has also developed a unique offering in Pathways; a native Salesforce user interface for investment and protection advice that is particularly powerful for larger advice businesses.
“We will be investing in evolving the standalone products and bringing the Webline integrations to Defaqto Engage as a high priority.”
Richard Tailby, head of sales at Synaptic, added: “We are delighted to join the Fintel business and believe that Fintel IQ represents an unrivalled platform of connected software solutions that will deliver innovation and investment for our products and services.
“This deal secures accelerated investment and gives us a far bigger distribution platform for future growth.”
This acquisition is Fintel’s fifth this year, following the addition of VouchedFor, Competent Adviser, MiCap, and AKG, and further expands the capabilities of Fintel, which already includes SimplyBiz and Defaqto.
