SimplyBiz Group agrees to acquire Defaqto
Huddersfield-based SimplyBiz Group has agreed to acquire the entire issued share capital of Regulus Topco, owner of Defaqto, Jane Connolly reports.
The management, strategic direction and service provision of Defaqto – which provides independent star ratings for financial products – will be unaffected by the acquisition. The company will continue to operate as an independent business within the group from its offices in Buckinghamshire.
Neil Stevens and Matt Timmins, joint CEOs of SimplyBiz, say: “Collectively the two businesses will work to enhance our proposition to the banking and general insurance sectors, whilst continuing to invest in the leading fintech platform.
“Having long respected the Defaqto management team, we also recognise not just the strong strategic fit of the business, but also its cultural alignment,” they add.
“While it will enable us to continue operating in an independent and autonomous manner, it will also carry many advantages of being a part of a listed entity,” says Zahid Bilgrami, CEO of Defaqto. “It will enable us to develop new technology faster, and thus continue to develop market-leading products for our clients at a time of vast technological change in the Financial Services sector.”
SimplyBiz says it is the UK’s largest independent provider of compliance and business services to financial advisors and institutions, supporting over 3,700 professional firms.
The group says that the acquisition will give Defaqto greater resources to develop products and services, offer benefits to clients and realise its potential in the fintech space.