Fintel plc (LON:FNTL), a provider of fintech and support services to the UK retail financial services sector, today announced the completion of the acquisition of ifaDASH, a reg-tech solution that helps intermediaries run an efficient, compliant business.
The acquisition was made through Fintel IQ, complementing its existing CRM software.
Through the transaction, Fintel received an initial 70% stake in ifaDASH, for a consideration of £0.5m, with up to £1m of contingent cash consideration based on certain revenue and profitability targets being achieved over the next 12 months.
Fintel also has the option to buy 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 newcomer Plannr, giving it access to the leading strategic CRM platform for SMBs.