SimplyBiz Group, based in Huddersfield, is the largest independent provider of compliance and business services to financial advisers and financial institutions in the UK, supporting over 3,700 professional firms.

Following the acquisition, Defaqto will remain operating as an independent business within the Group out of its offices in Haddenham, Buckinghamshire. Defaqto’s management, led by CEO Zahid Bilgrami, will remain in place to continue to run Defaqto. Defaqto’s strategic direction and the services it provides will be unaffected by the acquisition.

The acquisition will provide Defaqto with greater resource to develop its products and services and to fully realise its potential in the fintech space. This will benefit Defaqto’s clients, which include financial advisers, insurers, banks, comparison websites and fund managers.

Neil Stevens & Matt Timmins, Joint CEOs of The SimplyBiz Group, commented:
“We are delighted to announce the successful acquisition of Defaqto, which will play an important role in building on the Group’s strong momentum and enabling us to unlock a wide range of additional growth opportunities.

“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. Defaqto is a business built upon industry leading talent and we look forward to working with our new colleagues as we continue to enhance services to financial intermediaries and product providers and deliver value for shareholders.”

Zahid Bilgrami, CEO of Defaqto commented:
“We are absolutely delighted with SimplyBiz’s decision to acquire Defaqto. It opens an exciting new chapter in our development as a leading financial information business, and we look forward to the many opportunities that being part of a larger Group will present.

“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. 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.”