Adviser back-office provider Intelliflo has been bought by Invesco in a deal Money Marketing understands to be worth £200m.
The firm behind the popular Intelligent Office software system, used by around a third of UK advisers, has been backed by private equity company HgCapital since 2013, and since then has been investing in integration projects with robo-advisers and digital investment services like Moneyhub.
Money Marketing understands Intelliflo had been in discussions with a number of parties around a potential sale before agreeing terms with Invesco.
An Intelliflo spokeswoman declined to comment on the value of the deal, saying the company would not be disclosing it and any figure was “pure speculation”.
While Invesco is headquartered in Georgia, America, chief executive Martin Flanagan says “the UK continues to be a key market focus for Invesco”.
He says: “We fully recognise that digital solutions are increasingly important as we seek to improve the support we provide for advisers to help them and their clients achieve their desired investment outcomes.”
Intelliflo has promised “increased product investment” as part of the deal but did not provide details. It has pledged to remain open architecture after sale, with plans to take “market-leading technology into new markets across the globe”.
Finance & Technology Research Centre director Ian McKenna says: “This looks to be pretty good news for everyone. The market has known that Intelliflo have been going through a process for some time. They had a private equity investor coming o the end of its natural investment period. It answers a lot of the questions about the future of the company.
“It provides clarity for existing customers and gives Intelliflo a very substantial basis to grow, both in the UK and internationally.
“As an institutional owner, Invesco would look to be pretty benign. It’s clearly committed to the adviser market and technology globally.”