SimplyBiz, a provider of compliance and business services to financial advisers, has reported 2019 group revenue up by 24% to £62.8m following the “successful” acquisition of data and ratings provider Defaqto.

Adviser support group SimplyBiz has reported a 24% jump in revenue for the year ended December following its takeover of Defaqto in March 2019.

Defaqto has moved to reassure staff that there will be no job losses as a result of its takeover by SimplyBiz.

Adviser support company SimplyBiz is to buy technology and data provider Defaqto in a deal worth a total of £74.3m.