Avelo is rebranding TrigoldCrystal as Avelo Trigold following its acquisition of the mortgage sourcing system.
This week, Avelo announced the acquisition, which was tipped by Money Marketing in July. The terms of the deal have not been disclosed.
As a result of the move, Trigold’s management team is joining with Avelo’s senior management.
TrigoldCrystal chief executive John Whitmore will become Avelo mortgage products and strategy director and sales director David Thompson will become Avelo head of mortgage distribution.
Chief technology officer Patrick Shuker will take up the role of Avelo mortgages CTO and external consultant Martin Colyer will become Avelo mortgages consultant.
Avelo strategy and product development director Paul Yates says: “People know the Trigold brand and are used to it and it makes sense to offer that continuity, although we have dropped Crystal from the name.” He says Trigold could possibly be dropped from the title over the next two or three years.
The combined business of 1st Exchange, N4 and Screen Business rebranded as Avelo in April 2011.
Mortgage Brain pulled out of a proposed merger with TrigoldCrystal in March 2011 following an Office of Fair Trading decision to refer the deal to the Competition Commission.
Avelo managing director Chris Noblet says: “Trigold is already a strong business and we believe that combined with our established market position, our joint customer groups will benefit from a step-change in the use of e-commerce in the mortgage intermediary market.”
EGL financial technology consultant Eddie George says: “Avelo is now in the difficult position of providing services to its competitors as Trigold is the main mortgage-sourcing portal. The firm may well find it difficult to integrate all its different components after so many acquisitions.”
The Money Marketing blogs
“The major quotation services for the life and mortgage industry grew up separately, even though large numbers of their adviser users operate in both business areas. For Avelo to optimise the return on this acquisition, it will be crucial for them not to let the mortgage-related services become the poor relation within their business.”
Ian McKenna, director of Finance & Technology Research Centre
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