If successful, the merger will mark the sourcing company’s entrance into the mortgage advice-focused software sector.

While the firms are keeping the details of the merger close to their chests at this stage, a spokesperson confirmed to Mortgage Solutions that “talks have been going on for a while”.

Bluecoat Software’s technology is used by financial firms and mortgage brokers. Its technology is a management tool that allows advisers to organise their tasks and administer new business. 

James Tucker, CEO of Twenty7Tec (pictured), said: “I’m pleased to confirm that Twenty7Tec has been in talks with Bluecoat Software with regards to bringing the two businesses together.

“We believe that this combination will be a significant development for both the mortgage and wealth advice software markets. Talks are ongoing and we will make a further announcement shortly.” 

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This move follows Twenty7Tec’s recent partnership with Hometrack. The tie-in gives users of CloudTwenty7 access to Hometrack’s automatic valuation model for brokers.