Another start-up sold to big money

A COMPANY that makes software for financial and mortgage advisers has been snapped up for a reported £200m.

Kingston-upon-Thames-based Intelliflo has been sold by parent company Hg to investment manager Invesco, it was announced yesterday.

The company’s Intelligent Office software system is used by about a third of UK advisers, who manage more than £300bn for their clients. It was bought by Hg, a private equity firm, in 2013.

Hamish Purdey, chief executive of Intelliflo, said: ‘In a comparatively short space of time, we have built one of the UK’s largest pure-play software as a service businesses, and we now look forward to expanding our business, taking our leading technology into new markets.’

Sebastien Briens, a partner at Hg, said: ‘We will continue our focus on the asset management and wealth sector, having already partnered with several exciting businesses.’

The deal is worth £200m, says Money Marketing newspaper – a figure Intelliflo dismissed.