Carlyle Acquires Intelliflo for $200M, Plans to Separate US and UK Businesses

The Carlyle Group's Europe Technology Partners V fund acquired Intelliflo from Invesco for $200 million, with a potential earnout of up to $65 million. Intelliflo will focus on the UK and Australian markets, while its US-based subsidiaries will be carved out as a standalone business called RedBlack. The transaction is expected to close in Q4 2025, with Evercore serving as Invesco's financial advisor and Herbert Smith Freehills Kramer as its legal advisor.

Carlyle Group's Europe Technology Partners V fund has agreed to acquire Intelliflo from Invesco for $200 million, with a potential earnout of up to $65 million. The acquisition, expected to close in the fourth quarter of 2025, underscores Carlyle's commitment to expanding its presence in the financial technology sector.

Intelliflo, a leading provider of cloud-based practice management software for independent financial advisors (IFAs) in the UK, will continue to focus on the UK and Australian markets. Its US-based subsidiaries, including RedBlack and intelliflo Portfolio, will be carved out as a standalone business called RedBlack. This separation will allow both businesses to better serve and focus on their existing customers and markets.

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.

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 Herbert Smith Freehills 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.

References:
[1] https://www.prnewswire.com/news-releases/carlyle-to-acquire-intelliflo-from-invesco-302538062.html
[2] https://www.wealthmanagement.com/financial-technology/invesco-sells-intelliflo-to-carlyle-u-s-division-to-operate-as-redblack
[3] https://www.ainvest.com/news/carlyle-group-acquire-intelliflo-2-billion-expanding-financial-tech-presence-2508/