- Compliance and business services provider SimplyBiz said it had agreed to acquire Regulus Topco for £74.3m.

Regulus Topco was the owner of the Defaqto financial services technology business.

SimplyBiz also a launched a share issue to raise £29.1m to help fund the deal at 180p per share.

Defaqto operated a fintech platform for 8,500 advisers and provided independent ratings of 21,000 financial products and funds, licensed by 230 brands.

'The combination of SimpyBiz and Defaqto creates a single fintech and support services group, which will benefit from an increased number and range of distribution channels,' the company said.

'Defaqto will help the group to advance its services into the general insurance and banking markets as it looks to expand its offering.'

'Similarly, SimplyBiz will offer Defaqto access to its knowledge and experience of the advisory and asset management markets.'

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