Exclusive: Twenty7Tec Eyes Deal to Enter Consulting Market


Mortgage technology solutions provider Twenty7Tec is looking to break into the financial advisory market with plans to acquire an already operational practice management system in the space.

Twenty7Tec is in advanced talks with Bluecoat Software and hopes to reach an agreement in the coming weeks, Money Marketing has learned.

Bluecoat is used by financial advisors and mortgage brokers to process and administer new business.

Meanwhile Twenty7Tec says it is committed to “turning the tide” of increasingly complex nature when it comes to getting a mortgage.

Bluecoat is listed as a “key customer” on the Twenty7Tec website, alongside St James’s Place, Tenet, Sesame, 360 Dotnet and Ipipeline.

If the deal materializes, it will allow Twenty7Tec to play a role in the wealth management market and challenge existing software vendors including Intelliflo and Iress.

Twenty7Tec Managing Director James Tucker said Money Marketing“I am pleased to confirm that Twenty7Tec is in discussions with Bluecoat Software with a view to bringing the two companies together.

“We believe this combination will be a significant development for the mortgage and wealth advisory software markets. Talks are ongoing and we will make a further announcement shortly.

Bluecoat lists companies such as Aegon, Legal & General, Fidelity Adviser Solutions, Novia, Nucleus and Transact among its “integration partners”.

The London-based back-office software company prides itself on its cloud-hosted FinPlan tool, which it says helps consultancies “increase efficiency, reduce costs and improve client experience “.

He also suggests that the workflow-based solution helps mortgage advisors and brokers “future-proofing” their business.

Twenty7Tec launched its first mortgage sourcing system in September 2014. Its CloudTwenty7 technology can now be used by all players in the mortgage market, including advisors and end customers.

Money Marketing understands that over the past 18 months, the mortgage software company has been keen to bring its business closer to other similar companies operating in the mortgage market.

While part of his goal was to drive efficiencies and value for his users, he also wanted the ability to access other markets.

Bluecoat operates in the mortgage space and the wealth market, making it an attractive prospect for Twenty7Tec.

But conversations are also believed to have taken place with other software vendors about potential acquisitions.

If an agreement between Twenty7Tec and Bluecoat is reached, the two companies will likely be combined under a single management team with the platform developed for both mortgage and estate markets.

Money Marketing brings together Twenty7Tec may seek to disrupt the advisory software market, similar to its entry into the mortgage market, which was previously dominated by large providers like Mortgage Brain.

Criticisms of back-office vendors suggest innovation has been slow due to a lack of investment.

There have also been calls for technology systems to improve integration to provide a seamless experience for advisors and their clients.

A lack of integrated services could also prevent marketplaces from offering other products and solutions like protection, with the systems looking too complicated.

But some suggest that even if innovation is happening, the rate of technology adoption by advisors may be slow, especially if they consider there is little integration between the services they use and need. .

Earlier this week, Twenty7Tec said it recorded the highest ever monthly total for mortgage searches in March, after topping last year’s stamp duty-based figure.

In January, the company revealed that it had signed an agreement to integrate Hometrack’s automated valuation model into its offering.


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