Investment firm Carlyle has agreed to acquire independent financial adviser (IFA) software provider Intelliflo from Invesco for up to $200m.

Intelliflo is a provider of cloud-based practice management software for IFAs in the UK, offering an end-to-end software platform used by more than 30,000 professionals and around 2,600 advisory firms.

The transaction also includes Intelliflo’s US-based subsidiaries RedBlack, which is a provider of SaaS-based portfolio rebalancing tools, and Intelliflo Portfolio, a portfolio management software solution for US registered investment advisers (RIA).

The acquisition price of up to $200m is comprised of $135m at closing, which is expected in the fourth quarter of 2025 subject to certain closing conditions, and up to an additional $65m in potential future earn outs.

Intelliflo supports the management of approximately £450bn in client assets, providing CRM, financial planning, client onboarding, compliance workflows, and reporting functionality.

Carlyle said the transaction aimed to strengthen Intelliflo’s position in the UK and accelerate its growth in Australia.

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.

Intelliflo will focus on providing software and innovation for the UK and Australian markets, while RedBlack will focus on delivering for RIAs and other financial advisers in the US.

Equity for the investment will be provided by Carlyle Europe Technology Partners (CETP) V, a €3bn fund that invests in tech companies across Europe.

Evercore served as financial adviser to Invesco, while HSF Kramer acted as legal adviser.

Altman Solon, PWC, Oliver Wyman and Ringstone conducted due diligence on the acquisition, while Gibson Dunn acted as legal counsel to Carlyle.

“Intelliflo is a mission-critical software provider to the UK’s wealth management ecosystem, with a deeply embedded and loyal customer base,” said Carlyle CETP investment advisory team managing director, Fernando Chueca.

“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.”

Intelliflo CEO and founder, Nick Eatock, 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.”

Invesco senior managing director, head of Americas and EMEA, Doug Sharp, added: “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 adviser clients.”

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