Capita has bought Synaptic Systems in a bid to further extend its reach into research information and software.
The deal, for an undisclosed sum, was announced today and is thought to be an ideal fit with Capita’s Enabler initiative, incorporating Webline and Quay Software.
Synaptic Systems are currently used by 10,000 IFAs and many product providers across pensions, life, health, investment, mortgage and offshore products.
Capita chief operating officer David Carrie says: “This acquisition will further reduce the barriers to IFAs adopting technology. It means that they can benefit from best in class software without having to deal with lots of separate suppliers.
“Enabler will also give IFAs more control over their operations, as they will be able to produce a single compliance audit trail; it increases the operational efficiency of the business as it removes the need to enter the same data repeatedly; and it will give advisers the opportunity to focus on building the value of their business rather than spending their time assembling and maintaining a diverse, and incompatible, collection of software tools.
Synaptic Systems chief executive Selwyn Herring says: “Since 1994 Synaptic has focused on the delivery of accurate data and tools that enhance the decision-making process. Enabling advisers to deliver a superior service while building trust with clients is our aim. The Capita Enabler programme has exactly the same goal. Synaptic complements the capabilities of Quay and Webline, allowing an adviser to conduct a fact find on Quay, research suitable products on Synaptic and quote and apply on Webline. The deal will also help us to accelerate our plans for expansion and further innovation in the sphere of financial services software.”