I love it when a FinPlan comes together. Twenty7Tec has snapped up Bluecoat Software to potentially create an A-team in the wealth and mortgage technology markets.
There are no financial details about the deal, and I pity the fool that goes looking for such information.
The acquisition of Bluecoat Software by Bournemouth-based Twenty7Tec Group will see the businesses fuse together to operate under the Twenty7Tec brand.
The combined business, which has nearly 100 employees, will be led by CEO James Tucker. Mark Skelding, former CEO of Bluecoat Software, will join the Board of Twenty7Tec Group as a Non Executive Director.
Bluecoat Software is based in London and provides a mortgage, protection and wealth management CRM solution ‘FinPlan’ to over 300 advisory firms. FinPlan is already integrated with Twenty7Tec’s CloudTwenty7 platform.
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CloudTwenty7 is used by over 15,000 mortgage advisers every day to search and apply for mortgages for their clients.
As part of the acquisition, Twenty7Tec will be investing “heavily” in developing FinPlan.
Tucker explains: “We plan to recruit heavily to further strengthen our senior team in particular, bringing in the expertise and experience that we believe will be needed in order to be successful”.
He adds: “This represents our first significant acquisition, but we will continue to look for opportunities to enhance our product offering in the UK.”
Founded in 2014, Twenty7Tec is backed by venture capital firm Verso Capital.
Twenty7Tec’s solutions include MortgageSource, LoanSource, MortgageApply, WebTools (designed for aggregators and intermediaries to facilitate D2C mortgage sourcing on their own websites) and SourceInsight (a portal for lenders to identify trends in intermediary and D2C mortgage sourcing).