Bluecoat will operate under the Twenty7Tec brand following the acquisition.
The combined business, which has nearly 100 employees, will be led by James Tucker (pictured), Twenty7Tec’s chief executive, while Mark Skelding, former chief executive of Bluecoat Software, will join Twenty7Tec Group’s board as a non executive director.
Bluecoat Software provides Finplan, a mortgage, protection and wealth management CRM solution, to over 300 advisory firms.
Finplan has been integrated with Twenty7Tec’s CloudTwenty7 platform, which means clients and advisers of the combined business have access to a fully integrated product offering.
CloudTwenty7 is used by over 15,000 mortgage advisers every day to search and apply for mortgages for their clients.
As part of the acquisition, Twenty7Tec will invest heavily in developing Finplan as well as continuing to further develop the other mortgage capabilities of the combined businesses.
James Tucker (pictured), CEO of Twenty7Tec, said that since its inception, the firm had built an “enviable reputation” for building technology which allows advisers to work faster and more efficiently, and argued that it can now transfer its skills and knowledge into adjacent markets.
He continued: “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.
“This represents our first significant acquisition, but we will continue to look for opportunities to enhance our product offering in the UK. We will continue to look for other business that share a similar ethos and desire to drive efficiency and innovation in the financial services technology market.”
Mark Skelding, founder of Bluecoat Software, added that Twenty7Tec had “successfully disrupted” the mortgage market.
He continued: “Providing best in class tech solutions for advisers is at the heart of both companies, and the people involved in the team have created a dynamic culture that has seen them get to where they are. It feels a very natural fit for Finplan to be joining the Twenty7Tec stable of products and it’s hugely exciting for the future.”
