Carlyle Acquires intelliflo from Invesco in $200m Deal

Carlyle has agreed to acquire wealthtech firm intelliflo from Invesco for a purchase price of up to $200m. The deal includes an initial sum of $135m and is set to complete in Q4 2025, with additional earn-out provisions potentially increasing the total value by up to $65m. intelliflo's software is used by over 30,000 professionals and assists in managing around £450bn in client assets. Carlyle will invest through its €3bn CETP fund.

Global investment firm Carlyle has agreed to acquire intelliflo, a leading provider of cloud-based practice management software for independent financial advisors in the UK, from Invesco for a purchase price of up to $200 million. The transaction includes intelliflo’s US-based subsidiaries, including RedBlack and Intelliflo Portfolio [1].

The deal, which is expected to close in the fourth quarter of 2025, includes an initial payment of $135 million and potential future earn-out provisions worth up to $65 million. Carlyle will invest through its €3 billion CETP fund, which specializes in technology companies across Europe [2].

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 around £450 billion in client assets. The platform delivers CRM, financial planning, client onboarding, compliance workflows, and reporting functionality, integrating with over 120 third-party applications [1].

As part of the acquisition, 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 on delivering market-leading software and innovation for the UK and Australian markets, while RedBlack will focus solely on delivering for RIAs and other financial advisors in the United States [1].

Fernando Chueca, Managing Director in the CETP investment advisory team, expressed excitement about the partnership: “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” [1].

Nick Eatock, CEO and Founder of intelliflo, commented: “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” [1].

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 endeavor by a sponsor with the reputation and credentials of Carlyle, which will continue to best position RedBlack to support advisors’ needs” [1].

Doug Sharp, Senior Managing Director, Head of Americas and EMEA, at Invesco, stated: “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” [1].

The acquisition follows Carlyle’s previous sale of Calastone, a global funds and settlement network, to SS&C Technologies for $1 billion in July 2023. Carlyle had acquired a majority stake in Calastone in 2020 [3].

References:

[1] Carlyle Acquire intelliflo Invesco [URL: https://www.carlyle.com/media-room/news-release-archive/carlyle-acquire-intelliflo-invesco]
[2] Carlyle Buys intelliflo from Invesco [URL: https://www.fintechfutures.com/m-a/carlyle-buys-intelliflo-from-invesco]
[3] Invesco Sells intelliflo to Carlyle [URL: https://www.wealthmanagement.com/financial-technology/invesco-sells-intelliflo-to-carlyle-u-s-division-to-operate-as-redblack]