Tech firm Twenty7Tec has acquired Bluecoat Software, the owner of wealth and mortgage CRM solution FinPlan, for an undisclosed sum.

FinPlan's back office software is used by over 300 advisory firms.

As part of the deal Mark Skelding, founder of Bluecoat Software will join Twenty7Tec’s board as a non-executive director.

FinPlan will be integrated with Twenty7Tec’s CloudTwenty7 mortgage platform, allowing clients and advisers of both solutions to have access to the full offering.

Twenty7Tec said it has plans to ‘invest heavily’ in developing Finplan, as well as recruiting to strengthen the senior team.

James Tucker, CEO of Twenty7Tec, said: “This represents our first significant acquisition, but we will continue to look for opportunities to enhance our product offering in the UK.  We will continue to look for other business that share a similar ethos and desire to drive efficiency and innovation in the financial services technology market.”