Personal finance portal Find has bought Defaqto parent company The Independent Research Group in a move that has surprised the IT sector.A management buyout had been widely expected before the acquisition, which is believed to have cost Find £5m. Intelliflo chief executive Nick Eatock says: “If Find reuses Defaqto’s data in a consumer-facing channel it makes sense, although I would have thought it could purchase that elsewhere.” Find says it plans to use Defaqto’s data capture and management capabilities as part of its consumer finance proposition, which has cast doubt over whether its research, particularly that delivered through the Aequos search engine, will continue to be offered to intermediaries. Defaqto sales and marketing director Neil Morgan says: “No changes have been announced as yet. I am sure that Find has its own strategic reasons for choosing Defaqto and has spotted cross-selling opportunities.” Find marketing director Kate Marsden says: “We are planning to look at the data and explore ways it can be used, looking at the breadth and quality of data and see how it can be applied to our consumer data bank. “This was the primary reason we choose Defaqto. For the guys on the ground there will be no staff changes but there will be management ones on either side.” Venture capital group 3i was the biggest shareholder in TIRGL and was keen for an exit strategy having invested in the firm since 1998. 3i spokesman James Cox says: “This transaction offers a good opportunity to realise our investment and provides us with the ability to continue to grow and benefit from being part of Find.”
National IFA Helm Godfrey reported record results for the first half of this year. Profit nearly tripled to 343,823 compared with 125,939 for the same period last year. Turnover increased by 53 per cent to 2.76m from 1.8m.
Conservative conference: Paul McMillan reports from Bournemouth
Law Commission proposals would introduce non-contestability after three years
Misys chief executive and director Kevin Lomax has quit ahead of the AGM this week. There has been strong criticism from shareholders after Lomax led a failed MBO bid, with reports that several institutional shareholders were going to vote against his reappointment to the board. Chairman Sir Dominic Cadbury will take on his responsibilities until […]
The manager of the Artemis Income Fund talks about where – and how – he has found his “two or three” good ideas in 2015, and gives his outlook for dividends in the future.
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