Hg has sold Intelliflo, a Software as a Service (â€˜SaaSâ€™) business for UK financial advisors, to Invesco.
Intelliflo is a provider of front and back office software solutions to financial intermediaries, including IFAs, wealth managers, adviser networks, insurance/life companies and brokers.
The company Intellifloâ€™s Intelligent Office software platform claims to be the backbone of the UK wealth sector, assisting financial advisors with client relationship management, financial planning, client reporting, portfolio valuation and provision of advisor-led automated advice.
Hamish Purdey, CEO at Intelliflo, said â€œIn a comparatively short space of time, we have built one of the UKâ€™s largest pure-play software as a service business, and we now look forward to expanding our business, taking our leading technology into new markets across the globe.
â€œWe will continue with our open architecture philosophy after the sale â€“ it remains critically important to us that our financial adviser customers continue to be able to select from a wide range of product providers.â€
Hg partnered with Intelliflo in 2013, and over the past five years, has supported the company to implement best in class SaaS practices in development, operations, sales and marketing.
Through the sale Hgâ€™s Mercury 1 fund has secured a gross realised fund multiple of 3.4x and 44% gross IRR. The sale represents the sixth exit for the fund and the 16th exit for all of Hgâ€™s funds in the last 18 month, which have returned Â£3bn in total.
Hg partner Sebastien Briens added, â€œDuring our partnership with Nick, Hamish and the team at Intelliflo we have supported the company to become one of the worldâ€™s leading innovators of SaaS technology for the wealth and asset management industry.
â€œWe are delighted to see them starting a new partnership with Invesco. We will continue our focus on the asset management and wealth sector, having already partnered with several exciting businesses serving this vertical.â€
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