Global investment firm Carlyle has agreed to acquire Intelliflo, a UK-based provider of cloud-based practice management software for independent financial advisers (IFAs), from Invesco.
The transaction includes Intelliflo’s US subsidiaries, such as RedBlack, a SaaS-based portfolio rebalancing solution, and Intelliflo Portfolio, a portfolio management platform tailored to US Registered Investment Advisors (RIAs).
The deal, valued at up to $200m, comprises an upfront payment of $135m at closing – expected in Q4 2025, subject to customary conditions – with a further $65m contingent on future performance milestones.
Founded in 2004 and headquartered in London, Intelliflo delivers an integrated, end-to-end software suite used by over 30,000 professionals across approximately 2,600 advisory firms. Its platform, which supports around £450bn in client assets, offers CRM, financial planning, onboarding, compliance, and reporting tools. Built on a multi-tenant, cloud-native SaaS architecture, the platform integrates with over 120 third-party applications.
Post-transaction, Carlyle will separate Intelliflo’s US operations, establishing RedBlack as a standalone business led by an independent management team. Intelliflo will continue to focus on the UK and Australia, while RedBlack will target growth in the US RIA market. Carlyle will support the carve-out and back both businesses in their respective growth strategies.
Equity for the investment will be drawn from Carlyle Europe Technology Partners (CETP) V, a €3bn fund focused on European technology investments. CETP has a strong track record in financial software and wealthtech, with current and recent investments including SER Group, CSS, SurePay, and Calastone.
