Carlyle to acquire intelliflo from Invesco for $135M at closing

Carlyle (CG) and Invesco (IVZ) announced an agreement for Carlyle to acquire intelliflo from Invesco. intelliflo is a provider of cloud-based practice management software for independent financial advisors in the UK. The transaction includes intelliflo’s US-based subsidiaries, including RedBlack and intelliflo Portfolio. The purchase price of up to $200M is comprised of $135M at closing, which is expected in the fourth quarter of this year subject to certain closing conditions, and up to an additional $65M 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 GBP 450B in client assets. 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. 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.