Fintel, the parent company of SimplyBiz and Defaqto, has announced the acquisition of financial adviser planning and research software provider, Synaptic Software, in a £4m deal.

The transaction includes £3.5m net cash for the deal, and an additional £0.5m expenditure committed to development, to begin as soon as possible.

Synaptic is the fifth business acquired by Fintel this year and joins advice directory and Consumer Duty platform, VouchedFor, learning and development platform, Competent Adviser, investing specialist, MiCap, and independent ratings provider, AKG.

Fintel, which provides fintech and support services to the UK retail financial services sector, revealed the acquisition has been conducted through Fintel IQ, the firm’s technology and knowledge platform, as a key extension into quote and apply workflows for insurance products.

Synaptic services over 1,600 advisers, providing due diligence research, compliance tools, and software, including Pathways and Webline, which streamlines clients’ journeys.

Fintel co-CEO, Neil Stevens, said: “Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply’ workflows for protection insurance advice. We welcome Synaptic’s 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.”

Head of sales at Synaptic, Richard Tailby, added: “We are delighted to join the Fintel business and believe that Fintel IQ represents an unrivalled platform of connected software solutions that will deliver innovation and investment for our products and services. This deal secures accelerated investment and gives us a far bigger distribution platform for future growth.”

Fintel expects the acquisition to complete in the coming months, subject to regulatory approval with the Financial Conduct Authority.

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