Consumer finance portal Find has acquired Defaqto parent The Independent Research Group.
Defaqto, product research business to the financial services industry was recently rumoured to be at the heart of an MBO by several of its directors as venture capital firm 3i – the largest shareholder – looked for an exit route.
TIRGL shareholders were advised by Smith & Williamson Corporate Finance.
Find says it will continue to invest in, develop and support Defaqto’s valued client base through both online and offline channels.
Find chief executive Kenn Herskind says: “With this move, we are consolidating our position as the digital partner of choice for the UK’s most reputable financial institutions. We not only get access to new consulting services, but also exceptional products such as the Aequos database, widely regarded as the leading financial product research tool.”
3i spokesman James Cox says: “Since our initial investment in 1998, TIRGL has developed significantly; expanding both its research and analysis across a variety of retail financial products and developing its online capability. This transaction offers a good opportunity for us to realise our investment and provides the company with the ability to continue to grow and benefit from being part of Find. We wish the company every success for the future.”