Wealth management technology provider FNZ has agreed to acquire Australian peer GBST in a deal valued at A$269m ($185.6m).
Established in 1983, GBST offers administration and transaction processing software for retail wealth management firms and investment banks.
Apart from Australia, the business also has a presence in Asia, Europe, and North America.
Under the agreement, FNZ will buy 100% of the shares in GBST, with each share priced at A$3.85.
GBST chairman Allan Brackin said: “FNZ’s offer represents a significant premium and provides a high degree of certainty of value for our shareholders through the cash offer and limited conditionality.”
The deal is anticipated to close this November.
The GBST board has unanimously recommended that shareholders clear the transaction.
FNZ managing director Adrian Durham said: “GBST has well established products, talented employees and deep relationships with major financial institutions in Australia and internationally.
“We look forward to working with the company to expand its product and service offering in both wealth management and capital markets, aligned with our global mission of improving investment and retirement outcomes for all people.”
The latest deal continues FNZ’s buying spree. Earlier this month, the firm acquired London-based wealth management software provider JHC Systems and German investment platform ebase.