American investment manager Invesco has bought Intelliflo, a UK-based technology provider for financial advisers, for an undisclosed sum.

Intelliflo offers front and back office software solutions to independent financial advisers, wealth managers, adviser networks, insurance/life companies and brokers. The firm’s solutions, which include the Intelligent Office (iO) platform, support nearly 30% of financial advisers in the UK.

Invesco president and CEO Martin Flanagan said: “The UK continues to be a key market focus for Invesco. We fully recognise that digital solutions are increasingly important as we seek to improve the support we provide for advisers to help them and their clients achieve their desired investment outcomes.”

Invesco purchased Intelliflo from private equity investor HgCapital, which has owned the technology firm since 2013. Intelliflo’s back office Intelligent Office (iO) software supports nearly 30% of UK advisers and 19,000 investment professionals.

Intelliflo CEO Hamish Purdey said: “In a comparatively short space of time, we have built one of the UK’s largest pure-play Software as a Service (SaaS) businesses, and we now look forward to expanding our business, taking our market-leading technology into new markets across the globe.

“We will continue with our open architecture philosophy after the sale – it remains critically important to us that our financial adviser customers continue to be able to partner with the platforms, product providers, asset managers and software partners they choose.”

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By GlobalData