1st Software joint founder Mik Cons has taken a significant stake in technology provider Sammedia.
The deal sees Sammedia chief executive Mike Free sell his stake in the business to explore other opportunities within direct-to-consumer propositions.
The remaining shares in the firm will be retained by Sammedia’s current management.
As part of the sale, Free will take on Sammedia’s 49 per cent stake in financial suitability firm Suitability Solutions, a firm started by former Skandia head of strategy Neil Bage.
Sammedia offers an aggregation of clients’ financial investment information online.
It also powers Cofunds’ My Money proposition.
Cons says: “Adviser firms need the ability to deal with their clients in the way that most suits the client. Increasingly all of us are using online services every day for banking, retail and groceries. It’s about time we delivered advice in this way too.”
Free says: “I’m pleased for my colleagues at Sammedia who have a great opportunity to move the business forward at what is a very interesting time for the industry. I am moving on from the business and looking forward to exploring new opportunities to deliver financial services to the consumer.”