Investment firm Carlyle said Tuesday that it has agreed to acquire intelliflo, a UK-based provider of cloud-based software for independent financial advisers, from Invesco in a deal worth up to $200 million.
Carlyle to Acquire intelliflo from Invesco in $200m Deal
The purchase price is comprised of $135 million at closing, which is expected in the fourth quarter of this year, subject to certain closing conditions, and up to an additional $65 million in potential future earn-outs.
The transaction includes intelliflo’s U.S. subsidiaries, RedBlack and intelliflo Portfolio.
The company said intelliflo’s US-based subsidiaries will be established as a standalone business called RedBlack, run by a separate management team.
Founded in 2004, London-headquartered intelliflo serves more than 30,000 professionals across 2,600 advisory firms, supporting the management of about £450 billion in client assets.
Its platform delivers tools for client onboarding, financial planning, compliance, and reporting, and integrates with over 120 third-party applications. Carlyle said its investment would help intelliflo expand in the UK and Australia.
Equity financing will be provided by Carlyle Europe Technology Partners V, a €3 billion fund focused on technology investments.
Fernando Chueca, managing director at Carlyle, said: “intelliflo is a mission-critical software provider to the UK’s wealth management ecosystem, with a deeply embedded and loyal customer base. We are excited to partner with Nick, Bryan, and the team to unlock the company’s full potential and deliver a new stage of growth.”
Nick Eatock, intelliflo’s chief executive and founder, said Carlyle’s backing would enable the company to continue building innovative solutions for advisers in its core markets.
Evercore advised Invesco, with HSF Kramer as legal adviser. Carlyle was advised by Gibson Dunn, with due diligence provided by Altman Solon, PwC, Oliver Wyman and Ringstone.
