"We will be investing in evolving standalone products and bringing the Webline integrations to Defaqto Engage as a high priority."
- Neil Stevens, co-CEO of Fintel
Synaptic Software provides diligence research, compliance tools, and software (including Pathways and Webline) to over 1,600 advisers. This acquisition, conducted through Fintel IQ, is a key extension into ‘quote and apply’ workflows for insurance products.
The acquisition cost Fintel £3.5m net cash, with an additional £0.5m expenditure committed to development, to begin as soon as possible. The deal is expected to be completed within the coming months, subject to regulatory approval.
Ben Rogers and Ian Henry will leave Synaptic Software, remaining in leadership roles with AdvT.
Commenting on the acquisition, Neil Stevens, co-CEO of Fintel, has said:
"Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply’ workflows for protection insurance advice. We welcome Synaptic’s 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.
“Alongside its standalone software products, Synaptic has also developed a unique offering in Pathways; a native Salesforce user interface for investment and protection advice that is particularly powerful for larger advice businesses. We will be investing in evolving standalone products and bringing the Webline integrations to Defaqto Engage as a high priority."
Richard Tailby, Head of Sales at Synaptic, added:
“We are delighted to join the Fintel business and believe that Fintel IQ represents an unrivalled platform of connected software solutions that will deliver innovation and investment for our products and services. This deal secures accelerated investment and gives us a far bigger distribution platform for future growth."
