Twenty7Tec acquires Finplan owner to enter wealth market

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Technology provider Twenty7Tec has bought Bluecoat Software, the owner of Finplan – a client relationship management solution (CRM) used by some 300 advice firms.

The deal, the value of which was not disclosed, will see Twenty7Tec enter the advised wealth market, having previously focused solely on the advised mortgage market. The firm has called it its “first significant acquisition”.

Bluecoat Software will be brought underneath the Twenty7Tec brand. The combined business will be led by James Tucker, Twenty7Tec’s chief executive.

Former Bluecoat Software boss, Mark Skelding, will join the company’s board as a non-executive director.

Together, the two businesses employ some 100 people. As part of the acquisition, Twenty7Tec said it will be “investing heavily” in developing Finplan for advisers, in a bid to  “revolutionise” both the wealth and mortgage technology markets.

The newly acquired CRM system serves mortgage and protection advisers, as well as advisers in the wealth management sector.

The deal adds 300 advice firm users to Twenty7Tec, which already services 15,000 mortgage advisers through CloudTwenty7 with client search and application support.

Finplan is already integrated with CloudTwenty7, meaning all 15,000 advisers will benefit immediately from the integrated product.

“Since inception, we have built an enviable reputation in the mortgage market for building technology that enables advisers to serve their clients in a simpler, faster and more efficient manner,” said Tucker.

“We believe the product skills and knowledge that we have accumulated as a business in the mortgage market are eminently transferable into adjacent markets.”

Tucker said Twenty7Tec also plans to recruit “heavily” to further strengthen its senior team in particular to bring in more expertise and experience.

“This represents our first significant acquisition, but we will continue to look for opportunities to enhance our product offering in the UK,” Tucker added, suggesting more deals could be on the horizon.

“We will continue to look for other businesses that share a similar ethos and desire to drive efficiency and innovation in the financial services technology market”.

Bluecoat Software’s former chief executive said over the past year, he and his team have been in discussions with Twenty7Tec.

“I’ve got to know James [Tucker] very well over the last year as part of these discussions, and it’s clear to see what he and the team have done at Twenty7Tec in the last 7 years,” said Skelding.

“They’ve successfully disrupted that market and are now bonafide leaders in the space…It feels a very natural fit for Finplan to be joining the Twenty7Tec stable of products and it’s hugely exciting for the future.”

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