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.

Bluecoat Software provides the mortgage, protection and wealth management CRM solution ‘Finplan’ to over 300 advisory firms. Finplan is already integrated with Twenty7Tec’s CloudTwenty7 platform, which is used by over 15,000 mortgage advisers daily, allowing users to both source and apply for mortgages for their clients.

The acquisition will further develop the mortgage capabilities of the combined business and will see Twenty7Tec invest heavily in the development of Finplan, with plans to create a market-leading end-to-end solution for advisers in the mortgage, wealth, and protection markets.

James Tucker, CEO of Twenty7Tec, said: “Since inception, we’ve 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 look forward to delivering even more 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.”

Mark Skelding, Founder of Bluecoat, added: “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. They’ve successfully disrupted that market and are now bonafide leaders in the space.

“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 coming years.”

The acquisition marks a notable step for Bournemouth-based Twenty7Tec, which has substantial plans to increase in size, with at least 25 new hires now slated to join before the end of 2022.

ENDS