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Speculation surrounds Synaptic

Adviser software provider Synaptic denies it is up for sale despite industry speculation the firm has put itself on the market.

Synaptic chief executive Selwyn Herring, who owns 10 per cent, says approaches have been made but he is not willing to sell although he cannot vouch for the intentions of venture capital firm New Media Spark which owns 38 per cent.

Former Berkeley Berry Birch chairman and chief executive Cliff Lockyer, who owns 48 per cent of Synaptic, is thought to have authorised the sale of the business at the right price.

The firm specialises in an adviser software research tool and commentators suggest the firm would make a good strategic fit with a number of players in the technology arena.

Major rival Defaqto has recently launched a new product called Aequos Engage and it is thought Synaptic is close to launching a new software proposition of its own in competition.

Financial Technology Research Centre director Ian McKenna says: “Capita and Vertex are in the process of creating end to end offerings for advisers. Research forms a natural part of the adviser process. It would be reasonable to assume they would want to acquire in-house expertise in this area at some stage.”

Herring says: “We are not for sale but have had a number of approaches as we are a very profitable business proposition.”

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