The parent company of Defaqto and SimplyBiz, Fintel, has reached a conditional agreement to acquire Threesixty Services from abrdn.

The deal, for an undisclosed amount, was announced by Fintel in a statement to the London Stock Exchange.

Fintel provides technology, compliance and regulatory support to thousands of intermediary businesses, as well as data and targeted distribution services to hundreds of product providers. The group completed four acquisitions last year as it grew its core revenue to £56.6m.

The group’s latest acquisition, Threesixty, is a provider of compliance and business support services to over 900 independent financial adviser (IFA) and wealth manager firms.

Joint CEO of Fintel, Neil Stevens, called Fintel the “natural home” for the Threesixty team and its 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,” Stevens said.

---