Adviser software provider Intelliflo has been sold to investment business Invesco by its owner Hg, the manager of Hg Capital Trust.
Intelliflo provides front and back‑office software solutions to IFAs and networks, wealth managers, life companies and brokers.
Intelliflo’s most well-known product is its Intelligent Office software platform which is widely used by advice businesses. According to the market statement Intellifo’s services are used by around 30% of the advice profession.
Advisers use Intelligent Office for tasks such as client relationship management, client reporting, portfolio valuation and adviser-led automated advice.
Hg partnered with Intelliflo in 2013. Hamish Purdey, Intelliflo’s chief executive said: 'We would like to thank Hg for all their support since 2013 in getting us to this stage in our development'.
'In a comparatively short space of time, we have built one of the UK's largest pure-play software as a service businesses, and we now look forward to expanding our business, taking our leading technology into new markets across the globe. We will continue with our open architecture philosophy after the sale - it remains critically important to us that our financial adviser customers continue to be able to select from a wide range of product providers,'Purdey said.
Colin Meadows, senior managing director and chief administrative officer for Invesco said his company has a 'strong track record’ of investing in similar technology companies in the US such as its Jemstep digital advice business.
'We look forward to seeing what Intelliflo can achieve for UK advisers with increased product investment,’ he said.
The terms of the transaction have not been not disclosed.