Fintech and support services provider Fintel has acquired an initial 70% interest in ifaDASH, a practice digitisation solution supplier, for an upfront cash consideration of £0.5m.
The transaction involves contingent cash consideration of up to £1m, based on the achievement of certain revenue and profitability targets in the coming 12 months.
Besides, Fintel has the option to acquire the remaining 30% stake in ifaDASH over the next two years for an agreed multiple of EBITDA.
The acquisition has been facilitated through Fintel’s technology and knowledge platform Fintel IQ.
Fintel’s investment is aimed at driving the accelerated development, growth, and reach of the practice digitisation solution provider.
Fintel joint CEO Neil Stevens said: “Fintel IQ already houses market-leading and innovative tech solutions from across the entire financial services profession and ifaDASH, which can help to simply and efficiently bring those solutions together onto a single platform, is a perfect fit as part of our strategic growth.
“Offering advisers more streamlined efficiency and less admin and risk aligns perfectly with our objectives to deliver better financial outcomes to more consumers, and we’re excited about ifaDASH’s next steps as part of Fintel.”
ifaDASH is said to offer a comprehensive all-in-one solution tailored for financial services businesses, seamlessly connecting all components to facilitate monitoring, control, and growth.
Developed by IFAs, the hybrid solution is claimed to enable effortless input, connection, and importation of crucial data across departments, ensuring an optimal business monitoring and data-driven experience.
The solution also provides the business owners with a unique exit valuation planning calculator as well as scenario driven options to plan a smooth retirement.
Besides, the ifaDASH solution serves as a hub through which advisers can link front and back-office customer relationship management (CRM) data, training and competence MI, and data on vulnerable clients from multiple systems onto a unified platform.
ifaDASH director Mark Newman said: “As part of our growth strategy, we are delighted to be part of the Fintel family, to join forces and continue delivering our unique solution into the industry.
“As ifaDASH continues its quest in providing a hub for full visibility, drive efficiencies and growth within businesses, we are excited about the future for the industry and, with Fintel at our side, to expand the possibilities further than before.”