Fintel, owner of SimplyBiz and Defaqto, is set to acquire compliance and support services firm Threesixty from Abrdn.

The deal, for an undisclosed sum, will mean an expansion of Fintel’s growing adviser support services.
 
The deal is conditional, Fintel said, but did not disclose the conditions.
 

In a short announcement today, Fintel said it had conditionally agreed to acquire Threesixty Services Limited which provides compliance and business support services to over 950 IFAs and wealth manager firms.

According to Threesixty its helps support 10,000 advisers.
 
Fintel has been on the acquisition trail for the past two years and has acquired four adviser support and fintech companies in recent times.

This company year Fintel has acquired fintech Synaptic Software, events company Owen James and data firm ifaDASH, alongside making significant investment into Mortgage Brain.

While Fintel has not made clear its plans for Threesixty in most cases it has retained the brand names of acquired businesses.
 
Neil Stevens, joint CEO of Fintel, said: “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.”

Financial Planning Today Snap Analysis: Today's announcement will have come as no surprise to industry watchers. Threesixty, a long term supplier of compliance and business support services to IFAs and wealth managers, is a natural fit in Fintel's growing adviser support services portfolio. After making numerous acquisitions Fintel will now want to bed in its new acquisitions and seek synergies and efficiencies. Further acquisitions in the support services sector are not unlikely. Fintel has not made clear the cost of the acquisition but shareholders will want to see the company is building value and making the rapid growth strategy work.