Nick Eatock

Global investment firm Carlyle (NASDAQ: CG) and Invesco (NYSE: IVZ), a leading global asset management firm has announced an agreement for Carlyle to acquire intelliflo from Invesco. intelliflo is a market leading provider of cloud-based practice management software for independent financial advisors (IFAs) in the UK. The transaction includes intelliflo’s US-based subsidiaries, including RedBlack, a provider of SaaS-based portfolio rebalancing tools, and intelliflo Portfolio, a Portfolio Management software solution for US Registered Investment Advisors (RIAs).

The purchase price of up to $200 million is comprised of $135 million at closing, which is expected in the fourth quarter of this year subject to certain closing conditions, and up to an additional $65 million in potential future earn outs.

Founded in 2004 and headquartered in London, intelliflo offers an end-to-end software platform used by over 30,000 professionals at approximately 2,600 advisory firms, supporting the management of approximately £450 billion in client assets. intelliflo’s platform delivers CRM, financial planning, client onboarding, compliance workflows, and reporting functionality. Its cloud-native, multi-tenanted SaaS architecture integrates with over 120 third-party applications. The transaction aims to strengthen intelliflo’s market-leading position in the UK and accelerate its growth in Australia.

As part of the transaction, intelliflo’s US-based subsidiaries will be established as a standalone business called RedBlack, run by a separate management team. This separation will allow both businesses to better serve and focus on their existing customers and markets. intelliflo will focus purely on delivering market leading software and innovation for the UK and Australian markets, and RedBlack will focus solely on delivering for RIAs and other financial advisors in the United States. Carlyle will support the carve-out of both businesses from Invesco and partner with both leadership teams to execute their respective growth initiatives.

Equity for the investment will be provided by Carlyle Europe Technology Partners (“CETP”) V, a €3 billion fund which invests in technology companies across Europe. The CETP team has significant experience in financial software, wealthtech, and vertically focused SaaS, with current and recent investments including SER Group, CSS, SurePay, and Calastone.

Fernando Chueca, Managing Director in the CETP investment advisory team, said: “intelliflo is a mission-critical software provider to the UK’s wealth management ecosystem, with a deeply embedded and loyal customer base. We are excited to partner with Nick, Bryan, and the team to unlock the company’s full potential and deliver a new stage of growth.”

Nick Eatock, CEO and Founder of intelliflo, said: “This is an exciting moment for intelliflo. Carlyle’s investment reflects its trust in our business and its deep experience in scaling software companies make it an ideal partner for our next phase of growth. With Carlyle’s support, we will continue to focus on delivering great value to our clients, with a renewed focus on building innovative solutions for the evolving needs of our core UK and Australian customer bases.”

Bryan Perryman, the CEO of the newly formed RedBlack, said: “Our team is highly motivated by the opportunity to bring our full focus onto the US market as an agile, standalone company. RedBlack has a rich history of delivering market-leading software solutions for our US RIA customer base. We are excited to be backed in this endeavour by a sponsor with the reputation and credentials of Carlyle, which will continue to best position RedBlack to support advisors’ needs.”

Doug Sharp, Senior Managing Director, Head of Americas and EMEA, at Invesco, said: “As intelliflo and the newly incorporated RedBlack embark on their next phases of growth with Carlyle, we are confident that both companies are well-positioned for continued success and innovation in the wealth technology space. We look forward to our continued relationship with intelliflo and RedBlack through our common interaction with wealth advisor clients.”

Evercore served as financial advisor to Invesco and HSF Kramer acted as legal adviser. Altman Solon, PWC, Oliver Wyman and Ringstone conducted due diligence on the acquisition. Gibson Dunn acted as legal counsel to Carlyle.

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Julien Hammerson

Calastone, the largest global funds network and technology solutions provider to the wealth and asset management industry, today announced it has entered into a definitive agreement to be acquired by SS&C Technologies Holdings, Inc. (“SS&C” or Group: Nasdaq: SSNC), a global leader in investment and financial services software and solutions, in a transaction valued at approximately £766 million (which is approximately US$1.03 billion). The acquisition is subject to customary regulatory approvals and is expected to close in Q4 2025.

The transaction represents a significant milestone for Calastone, and a strong endorsement of the company’s network, technology and client relationships built by the team over the past 17 years. Upon completion, Calastone will operate as part of SS&C’s Global Investor & Distribution Solutions division, enabling the combined group to further scale innovation, service delivery, and operational efficiency across the global wealth and asset management ecosystem.

Founded in 2007, Calastone operates the world’s largest transaction network for investment funds, connecting over 4,500 financial organisations across 57 markets. The firm’s technology, products and infrastructure have transformed how firms automate and scale fund operations, creating efficiencies across trading, settlement, and distribution.

Calastone’s global fund network and technology complement SS&C’s leadership in fund administration, transfer agency services, AI and intelligent automation. By combining capabilities, the two companies will deliver a unified, real-time operating platform to reduce cost, complexity, and operational risk across the global fund ecosystem as well as shaping distribution. This strategic alignment enables enhanced distribution, investor servicing, and operational scalability – empowering asset and wealth managers to innovate, diversify products, and deliver better outcomes for investors worldwide.

“This is a proud moment for everyone at Calastone,” said Julien Hammerson, Calastone CEO. “SS&C’s global scale and deep expertise across fund services and technology will enable us to accelerate innovation and deliver new digital capabilities to the market. We look forward to working together to deliver transformational services to asset and wealth managers and drive growth. I am immensely grateful to the entire Calastone team for their dedication and to our clients for their continued trust.”

“We are excited to welcome Julien the Calastone team and their valued clients to SS&C,” said Bill Stone, Chairman and CEO of SS&C Technologies. “Calastone has built an impressive network and platform, and together we will create a more connected, automated and intelligent global fund ecosystem. This combination reinforces our commitment to delivering innovative, scalable solutions to reduce complexity and enhance outcomes for the asset and wealth management industry”. 

The transaction follows Calastone’s successful partnership with global investment firm The Carlyle Group, who acquired a majority stake in Calastone in 2020. Since then, Calastone has delivered material growth and strategic diversification by expanding its international footprint, investing in and enhancing its product suite to address ETFs and digital investments through tokenisation.

Fernando Chueca, Managing Director on the Carlyle Europe Technology Partners investment advisory team, said: “We are pleased to have supported Calastone through such a transformational period of growth for the business. Its well-established technology network represents a differentiated, automated offering and we believe the business is well-positioned to build upon its market position and business momentum. We are confident that SS&C is the right partner to continue Calastone’s success, and we look forward to watching the company thrive in its next phase.” 

Barclays served as exclusive financial advisor to Calastone. Linklaters and Mishcon De Reya served as legal advisors to Calastone in connection with the transaction.

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