Investment firm Carlyle has agreed to buy intelliflo, a cloud-based practice management software for independent financial advisors in the UK, from Invesco in a deal worth up to $200 million.
Carlyle will pay asset manager Invesco $135 million at closing, slated for the fourth quarter, with another $65 million on the table in potential future earn outs.
Founded in 2004, London-based intelliflo offers an end-to-end software platform used by over 30,000 professionals at approximately 2600 advisory firms, supporting the management of approximately £450 billion in client assets.
The platform delivers CRM, financial planning, client onboarding, compliance workflows, and reporting functionality. Its cloud-native, multi-tenanted SaaS architecture integrates with over 120 third-party applications.
Carlyle says it wants to focus on strengthening intelliflo’s position in the UK and accelerate its growth in Australia.
Meanwhile, the firm's US-based subsidiaries will be established as a standalone business called RedBlack, run by a separate management team. Intelliflo UK and RedBlack were two of the five disparate businesses that Invesco consolidated into one unit back in 2021.
Nick Eatock, CEO, intelliflo, says: “With Carlyle’s support, we will continue to focus on delivering great value to our clients, with a renewed focus on building innovative solutions for the evolving needs of our core UK and Australian customer bases.”