Transact, which recently pulled out of the race to buy rival Nucleus, plans to expand Time4Advice and retain the Time4Advice brand.
The move will mean greater integration between Transact and Time4Advice’s tools but Transact says use of other Financial Planning tools from other providers will not be affected.
Time4Advice has 40 staff and is based in Norwich. It has teamed up with Microsoft to create CURO, a Financial Planning and wealth management system with over 4,000 users.
Time4Advice will remain a separate legal entity and retain its brand. Co-founders Roland Rawicz-Szczerbo and Mitchell Philpott will remain with the company and there is no direct impact on the roles of staff at either company, Transact said.
Roland Rawicz-Szczerbo, founder and director, Time4Advice, said: “Time4Advice remains committed to becoming the UK’s leading independent technology provider for financial advice professionals.
“The investment will enable Time4Advice to accelerate the expansion of its proposition. As a result, Time4Advice clients will see more and improved functionality from CURO sooner.”
Jonathan Gunby, CEO of Transact, said: “By working closely with Time4Advice we can help accelerate its growth and provide an enhanced service to advisers through process improvement.
“Technological integration will not be exclusive to Time4Advice and we already collaborate with a wide range of service providers to the Financial Planning sector.”