Deal

Twenty7Tec acquires Bluecoat Software

FRP Corporate Finance advises on fintech deal

Mortgage technology provider Twenty7Tec Group has acquired Bluecoat Software in a deal led by FRP Corporate Finance.

The acquisition of Bluecoat Software by Bournemouth-headquartered Twenty7Tec Group will see the businesses merge to operate under the Twenty7Tec brand. The combined business, which has nearly 100 employees, will be led by CEO James Tucker. Mark Skelding, former CEO of Bluecoat Software, will join the board of Twenty7Tec Group as a Non-Executive Director.

The deal was supported by our Corporate Finance team – including Director Richard Boyden, Senior Manager Chris King and led by Partner Clive Hatchard – with Twenty7Tec drawing on our regional presence and experience in mid-market software transactions.

Bluecoat Software provides its mortgage, protection and wealth management CRM solution ‘Finplan’ to more than 300 advisory firms. Finplan is already integrated with Twenty7Tec’s CloudTwenty7 platform, which will allow clients of the combined business to benefit immediately from a fully integrated product offering.

CloudTwenty7 is used by more than 15,000 mortgage advisers daily to search and apply for mortgages for their clients.

As part of the acquisition, Twenty7Tec will be investing heavily in developing Finplan into a market-leading CRM solution for the wealth, mortgage and protection markets, as well as continuing to further develop the other mortgage capabilities of the combined businesses.

James Tucker, CEO of Twenty7Tec, said: “This represents our first significant acquisition, but we will continue to look for opportunities to enhance our product offering in the UK – including other businesses that share a similar ethos and desire to drive efficiency and innovation in the financial services technology market.

“In addition to our significant investment in our new product family, we plan to recruit heavily to further strengthen our senior team in particular, bringing in the expertise and experience that we believe will be needed in order to be successful.”

“The FRP team were exceptional partners during this acquisition. Their focus, diligence and determination to do everything they could to support us in our ambitions stood out right from the start. This is the start of a long term working relationship with Clive, Richard, Chris and the team.”

Clive Hatchard, Partner at FRP Corporate Finance, added: “Since inception, Twenty7Tec has built an enviable reputation in the mortgage market for developing technology that enables advisers to serve their clients in a simpler, faster and more efficient manner.

“We’re looking forward to working with James and the team in future as they pursue both organic and acquisitive growth – fuelled by their ongoing investment in new tech-enabled services.”

Shoosmiths provided legal support to Twenty7Tec.

Related team

Clive Hatchard

Clive Hatchard

  • Partner
  • Corporate Finance
  • London West End, Reading

Richard Boyden

Richard Boyden

  • Director
  • Corporate Finance
  • Reading

Chris King

Chris King

  • Senior Manager
  • Corporate Finance
  • London West End