Global investment firm Carlyle has announced an agreement to acquire intelliflo from Invesco, a global asset management company. The deal includes intelliflo’s US-based subsidiaries, such as RedBlack and intelliflo Portfolio, which serve the US Registered Investment Advisors (RIAs) market.

The transaction is valued at up to $200 million, with $135 million payable at closing and up to $65 million in potential future earn outs. The closing is expected in the fourth quarter of this year, pending certain conditions.

intelliflo, founded in 2004 and based in London, provides cloud-based practice management software for independent financial advisors (IFAs) in the UK. Its platform is used by more than 30,000 professionals across about 2,600 advisory firms and manages around £450 billion in client assets. The software offers CRM, financial planning tools, onboarding processes, compliance workflows, and reporting features. It also integrates with over 120 third-party applications. The acquisition aims to support intelliflo’s position in the UK and expand its growth into Australia.

As part of the deal, intelliflo’s US subsidiaries will become a standalone business named RedBlack with its own management team. This move is intended to allow both businesses to concentrate on their respective markets—intelliflo on the UK and Australia and RedBlack on the United States.

Carlyle will use funds from Carlyle Europe Technology Partners V for this investment. The fund specializes in technology companies across Europe and has previous investments in companies such as SER Group, CSS, SurePay, and Calastone.

Fernando Chueca of Carlyle said: “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.”

Nick Eatock of intelliflo stated: “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.”

Bryan Perryman of RedBlack commented: “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 endeavour by a sponsor with the reputation and credentials of Carlyle, which will continue to best position RedBlack to support advisors’ needs.”

Doug Sharp from Invesco 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 advisor clients.”

Evercore acted as financial advisor for Invesco while HSF Kramer served as legal adviser; Altman Solon, PWC, Oliver Wyman and Ringstone conducted due diligence; Gibson Dunn was legal counsel for Carlyle.

Carlyle manages $465 billion in assets globally as of June 30, 2025 (https://www.carlyle.com). Invesco managed $2 trillion worldwide as of June 30 (https://www.invesco.com/corporate).