Intelliflo boss exits after selling business for ‘king’s ransom’

Founder Nick Eatock returns to head the business

Intelliflo founder Nick Eatock’s return to his former role as chief executive has been welcomed by the industry as Hamish Purdey exits the business.

Purdey joined Intelliflo as CEO in November 2014 when Eatock took on the role as executive chairman.

However, a press release revealed Purdey is leaving the firm to pursue new challenges. Eatock will return to the role of CEO, in addition to his existing responsibilities of executive chairman.

Altus Consulting director Simon Bussy described Eatock as “one of the sharpest minds” and most respected individuals in the industry.

“Appointing Nick gives the firm plenty of time to decide whether or not to search for a new CEO, or whether Nick will take up the reigns again on a permanent basis.”

Sold for a king’s ransom

CWC Research founder Clive Waller described Eatock as a good guy, but said he was unsure why Purdey was leaving “as he’s done a great job of growing the business to the point where it was sold to Invesco for a king’s Ransom”.

Invesco announced it was buying the back office software firm in June 2018.

During Purdey’s time, the business grew to 35% market share, with almost 23,000 users.

Nextwealth managing director Heather Hopkins said Intelliflo have the largest share of the market for back office systems and their client portal is also the most used by advisers.

“The challenge that they face as a business is embedding the enhancements and integrations,” Hopkins said.

Darren Cooke, chartered financial planner at Red Circle Financial Planning, described Eatock as “passionate about the tech and increasing its integrations with other tech and expanding its capabilities in the advice process”.

Purdey’s proudest moments

Purdey listed integration of business critical systems, the development of the Personal Finance Portal (PFP) and the ability to deliver access to new technology for advisers, such as open banking among his proudest achievements at the company.

Eatock said: “I am delighted to be returning to the role of CEO at an enormously exciting timing for the organisation.

“Having worked closely with Hamish for the last five years we will be able to effect a seamless transfer of responsibilities and ensure continuity for staff and clients alike.”

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