Fintel plc (LON:FNTL), a provider of fintech and support services to the UK retail financial services sector, today announced the completion of its acquisition of ifaDASH, a reg-tech solution that assists intermediaries with running an efficient, compliant business.
The acquisition was made through Fintel IQ, complementing its existing CRM software.
Through the transaction, Fintel has taken an initial 70% stake in ifaDASH, for an upfront cash consideration of £0.5 million, with up to £1 million of contingent cash consideration based on certain revenue and profitability targets being achieved in the next 12 months.
Fintel also has the option to purchase the remaining 30% equity in the business over the next two years for an agreed multiple of EBITDA.
The acquisition follows the Group’s investment in CRM entrant Plannr, giving it access to the leading strategic CRM platform for small to medium-sized intermediaries.
