Intelliflo, the technology platform used by thousands of Financial Planners and financial advisers, has been sold by owner HgCapital to investment firm Invesco for an undisclosed sum.

The tech firm has been owned by major private equity firm HgCapital since 2013.

Intelliflo estimates that it supports approximately 30% of UK advisers, mainly through its Intelliflo’s Intelligent Office iO software system which provides client relationship management, Financial Planning, client reporting, portfolio valuation and adviser-led automated advice services.

Intelliflo supports 19,000 investment professionals who manage in excess of £300bn of assets on behalf of more than 10.5 million clients. Intelliflo sells to approximately 2,000 firms, including Legal & General, Nationwide Building Society and SimplyBiz. The company employs 165 people.

Asked about the potential for rationalisation at Intelliflo, Nick Eatock, executive chairman, told Financial Planning Today: “The Invesco acquisition of Intelliflo is one entirely about investment: investment in our people and investment in our products.

"As Invesco says, they are looking forward to seeing what we can achieve for UK advisers with increased product investment. There will be no reduction in headcount and we will continue to run from our current office, specifically as Intelliflo will be run as a standalone subsidiary of Invesco and will be fully supported in our Open Architecture philosophy.”

In the official announcement today he said: “We are really excited by the promising future for our business and clients as part of Invesco’s global organisation.” 

“This will allow us to significantly invest in our core technology to help advisers meet the rapidly evolving demands of providing advice in the 21st Century.”

Hamish Purdey, Intelliflo chief executive, said: “In a comparatively short space of time, we have built one of the UK’s largest pure-play Software as a Service (SaaS) businesses, and we now look forward to expanding our business, taking our market-leading technology into new markets across the globe.”

“We will continue with our open architecture philosophy after the sale – it remains critically important to us that our financial adviser customers continue to be able to partner with the platforms, product providers, asset managers and software partners they choose.”

Colin Meadows, senior managing director and chief administrative officer for Invesco, said: “Invesco has a strong track record in the US, through our Jemstep digital advice business, of successfully partnering with and investing in technology experts to provide advisers with the innovative and flexible tools they need to develop their business, while maintaining an independent, open architecture approach.”

 “We look forward to seeing what Intelliflo can achieve for UK advisers with increased product investment.”

Martin Flanagan, president and CEO of Invesco, said: “Invesco believes that financial advisers play an important role in enabling clients to reach their unique investment goals.”

“The UK continues to be a key market focus for Invesco. We fully recognise that digital solutions are increasingly important as we seek to improve the support we provide for advisers to help them and their clients achieve their desired investment outcomes.” 

Editor's Note: Story updated at 9.25 am to add additional info and quote from Nick Eatock.

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