Synova announces investment into Dalriada parent firm 3173

Synova has announced an investment into 3173 Limited, a pensions administration software, trusteeship and governance services provider to the UK pensions industry.

The investment will see Synova purchase a stake in the company, which includes Dalriada Trustees, Mantle and Spence, for an undisclosed amount.

The firm was founded in Belfast in 2000 and provides actuarial, administrative and investment services to pension schemes via Spence.

Following this, 3173 expanded into the trustee and governance services space through Dalriada Trustees.

It also offers administration, actuarial and investment modelling with its proprietary software platform, Mantle.

The company is experiencing “strong growth” as demand for both pension administration, and independent trustee and governance services rises due to the increasing complexity and regulatory requirements that pension schemes face.

Synova will support 3173 to deliver a growth plan, with further investment made into both the company’s software platform as well as growing their core services via expansion into new geographies and new service lines.

The transaction is subject to FCA approval, which 3173 said it expected to receive in the coming months.

Synova managing partner, David Menton, commented: “We are delighted to be partnering with Brian and the rest of the team at 3173 to support the growth of the company.

“Investing in fast-growing, founder-owned businesses with a unique technology proposition is central to Synova’s investment philosophy. We look forward to the next exciting phase of their growth”

3173 CEO and co-founder, Brian Spence, added: “We are excited to work with Synova to consolidate Dalriada and Spence’s market-leading position in pension trusteeship and consultancy.

“In particular, we wanted a partner who could help facilitate the next phase of the group’s growth, which includes scaling up Mantle, our unique software platform.”

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