Invesco takes over financial advisor platform Intelliflo
Invesco has acquired Intelliflo, a UK provider of advisor-focused digital solutions.
Intelliflo was established in 2004 and today supports the business of around 30% of UK advisors.
The vendor says its Intelligent Office (iO) front-to-back office platform is “the backbone of the UK wealth sector, assisting financial advisors across the full advice journey – including client relationship management, financial planning, client reporting, portfolio valuation and provision of advisor-led automated advice”.
iO operates from a single instance, multi-tenant Software-as-a-Service (SaaS) platform.
Intelliflo currently supports 19,000 investment professionals who manage in excess of £300 billion of assets on behalf of more than 10.5 million end clients. Intelliflo sells to around 2,000 firms, including Legal & General, Nationwide Building Society and SimplyBiz.
The acquisition will give the US-based Invesco a UK presence. Colin Meadows, senior managing director and chief administrative officer for Invesco, says his company is keen to see “what Intelliflo can achieve for UK advisors with increased product investment”.
In the US, Invesco has “a strong track record” through the Jemstep digital advice business, Meadows adds.
Nick Eatock, executive chairman of Intelliflo, says the arrival of the new owner will enable the firm to “significantly invest” in its core technology.
It will also help Intelliflo expand geographically. “In a comparatively short space of time, we have built one of the UK’s largest pure-play SaaS businesses, and we now look forward to expanding our business, taking our technology into new markets across the globe,” comments Hamish Purdey, Intelliflo CEO.
“We will continue with our open architecture philosophy after the sale – it remains critically important to us that our financial advisor customers continue to be able to partner with the platforms, product providers, asset managers and software partners they choose.”
The transaction has now closed. Terms were not disclosed as the transaction was not material to Invesco’s financial position.
Evercore acted as financial adviser to Intelliflo.