UK-based mortgage technology provider Twenty7Tec announced the acquisition of fellow UK fintech Bluecoat Software.
The acquisition, says Twenty7Tec, is “set to revolutionize both the wealth and mortgage technology markets”.
The combined business, which has nearly 100 employees, will be led by CEO James Tucker and operate under the Twenty7Tec brand.
Mark Skelding, former CEO of Bluecoat Software, will join the board as a non-executive director.
Founded in 2010, 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 advisors daily, allowing users to both source and apply for mortgages for their clients.
Twenty7Tec pledges to “invest heavily” in the development of Finplan.
CEO Tucker says the firm is also looking to add new figures to its senior team, and at least 25 new hires are slated to join Twenty7Tec before the end of 2022.
“Bluecoat Software represents our first significant acquisition, but I do not expect it to be our last,” he adds.
“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.”
Twenty7Tec was founded in 2014 with its HQ in Bournemouth, UK.