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Synova sells financial information business to SimplyBiz Group

Venture capital and private equity firm Synova Capital LLP sold its financial information business, Defaqto Ltd., to The SimplyBiz Group PLC for £74.3 million.

The purchase by SimplyBiz will enable Defaqto to develop new technology and continue to develop products for its clients in the financial services sector, according to a March 20 news release.

Defaqto and SimplyBiz recently co-developed Centra, a financial planning product that brings SimplyBiz's existing tools into one integrated service.

SimplyBiz provides business support to users operating in the financial services market.