Platform One has agreed to acquire fintech Gaudi and takeover the over £1bn of SIPP assets currently administered by the firm.

The deal, of which the financial details have not been disclosed, takes Platform One’s assets under administration to £2.7bn.

At the end of December the FCA imposed a number of restrictions, including that it must not dispose of or transfer any assets without the prior written consent of the FCA. It was also stopped from making any capital distribution or paying dividends and payments of over £20,000 as part of any asset-based financial restructuring.

The platform will use its acquisition of Gaudi to launch its own on-platform SIPP.

Gaudi will be rebranded to Platform One, with staff moving over to the new combined firm.

Gaudi said that as a fintech firm, it felt natural to become part of a larger innovative business.

Adam Burwell, head of implementation at Gaudi, said: “This is a fantastic result for Gaudi and we’re looking forward to joining Platform One.

“We’re excited to plug our SIPP into Platform One technology and become part of a more holistic, technology-based offering. The shape of this acquisition also means we can continue to offer our existing clients a wider service without interruption.”

Under the deal, existing Gaudi SIPP customers will also gain access to Platform One’s offerings including custody, ISA management and technology.

Alex Cowan-Sanluis, CEO of Platform One, said: “This is a fantastic acquisition for us at Platform One. Gaudi has a highly complementary proposition to ours, and its experienced team bring a deep range of technical knowledge and administrative expertise to our growing business.

“We’re excited to welcome Gaudi’s customers to Platform One and look forward to offering them access to a greater range of services. Plus with the upcoming launch of our new SIPP, we’ll deliver a more rounded proposition for our IFA customers and their clients.”