Fintel acquires acquires Synaptic in £4m deal
Financial technology provider Fintel has agreed to acquire independent software business Synaptic as part of a strategic investment aimed at expanding its capabilities.
Fintel said on Thursday that it will acquire Synaptic for a net upfront cash consideration of £3.5m, funded entirely from its existing financial resources, with a further £500,000 of development expenditure committed to enhance and integrate its products.
The AIM-listed group stated the acquisition was expected to be completed in the coming months, subject to regulatory approval. On completion, the business was expected to contribute annual revenues of roughly £2.3m and be in a break-even position.
Fintel added that the acquisition was in line with its strategy to improve the retail financial services market, promote the value of financial advice, and increase consumer confidence and trust. Synaptic will be the fifth business acquired by Fintel in 2023, joining AKG, VouchedFor, Competent Adviser, and Micap.
As of 0930 GMT, Fintel shares were down 0.86% at 230.0p.
Reporting by Iain Gilbert at Sharecast.com