Mortgage technology provider Twenty7Tec has today announced the acquisition of Bluecoat Software in a move set to revolutionise both the wealth and mortgage technology markets.
The acquisition of Bluecoat Software by Twenty7Tec Group will see the businesses fuse together 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.
James Tucker CEO of Twenty7Tec will lead the business, which combined will have almost 100 employees, with former CEO of Bluecoat Software, Mark Skelding, joining the Board of Twenty7Tec Group as Non-Executive Director.
Bluecoat Software provides the mortgage, protection and wealth management CRM solution ‘Finplan’ to over 300 advisory firms. This solution is already integrated with Twenty7Tec’s CloudTwenty7 platform, which is used daily by over 15,000 mortgage advisers, enabling users 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 both the wealth and protection markets, as well as continuing to further develop the mortgage capabilities of the combined businesses.
James Tucker, CEO of Twenty7Tec, said: “Since inception, we have built an enviable reputation in the mortgage market for building technology that enables advisers to serve their clients in a simpler, faster and more efficient manner”.
“We believe the skills and knowledge that we have developed as a business in the mortgage market are eminently transferable into adjacent markets. Finplan is a highly configurable solution, and we are confident that we can deliver real value to advisers in mortgages, wealth management and protection.
“We will be investing heavily both in terms of our stable of products, of which Finplan is now a key part, as well as looking to add more figures to our senior team, in particular, bringing in the expertise and experience that we believe will be needed in order to be successful.
“This represents our first significant acquisition, but I do not expect it to be our last. We will continue to look for other businesses that share a similar ethos and desire to drive efficiency and innovation in the financial services technology market.”
The company plans to seek guidance from Bluecoat customers as part of the integration to understand their needs during the transition. Its existing integrations with other CRM platforms will still be supported.
Mark Skelding, Founder of Bluecoat, added: “It’s with great excitement that we’re able to today announce the deal that brings Bluecoat Software and Twenty7Tec together.
“I’ve got to know James very well over the last year as part of these discussions, and it’s clear to see what he and the team have done at Twenty7Tec in the last 7 years in mortgages. They’ve successfully disrupted that market and are now bonafide leaders in the space.
“Providing best in class tech solutions for both mortgage and wealth advisers is at the heart of both companies. It feels a very natural fit for Finplan to be joining the Twenty7Tec stable of products and is hugely exciting for the future”.