HALO Technologies has reached a deal to buy 100% stake in Resilient Fund Managers, a UK-based regulated financial services firm.
Founded in 2006, Resilient offers various financial products and services such as managed investments and securities. GHC Group is the holder of all the shares in Resilient.
The new deal paves way for HALO to foray into the UK and European markets.
It also helps the firm with necessary regulatory capabilities to run financial services companies, which will be bought in future as well as formalise strategic distribution partner deals in Europe.
HALO will use the funding secured through its IPO to complete the deal.
As part of the agreement, HALO will pay a non-refundable upfront deposit of £100,000 with an additional £400,000 unless the acquisition is scrapped by the companies.
Besides, Resilient’s existing senior management and board members are expected to continue to become part of the company.
Closing of the deal is subject to approval of the change of control notice by the UK Financial Conduct Authority (FCA) within around six months.
In case the conditions of the deal are not met by 30 September 2023, the acquisition will automatically fall apart.
HALO Technologies CEO George Paxton said: “This acquisition provides the Company with direct control of a well-established, licensed business and provides the perfect launchpad for HALO to expedite its international expansion and sell directly into the large and lucrative European market.”
In December last year, HALO announced that it would roll out a new research tool for the Australian property investment market, called Halo Property.