Synova invests into 3173

June 2022

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Growth investor Synova is delighted to announce an investment into 3173 Limited (“3173” or the “Company”), a leading provider of pensions administration software, trusteeship and governance services to the UK pensions industry.

3173 was founded in Belfast in 2000, providing actuarial, administrative and investment services to pension schemes via Spence, and subsequently expanded into the growing trustee and governance services space through Dalriada. 3173 differentiates its offerings through its proprietary software platform, Mantle, which is the only fully integrated software platform in the market covering administration, actuarial, and investment modelling. Mantle’s unique ability to deliver real-time actuarial valuations for pension schemes from live administration data has supported the growth of 3173, through both internal deployment and as a pure SaaS solution to third-party customers.

The Company is experiencing strong growth as demand for both pension administration and independent trustee and governance services grows due the increasing complexity and regulatory requirements that pension schemes face.

Synova will support 3173 to deliver an ambitious growth plan seeing further investment made into both the Company’s innovative software platform as well as growing their core services via organic expansion into new geographies and new service lines. 3173 will also look at selective strategic acquisition targets.

The transaction is subject to FCA approval.

Commenting on the investment, Brian Spence, Co-founder and CEO of 3173 said:

“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”

David Menton, Managing Partner of Synova 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”