Investment and superannuation platform provider HUB24 has agreed to acquire 100% of Brisbane-based financial technology firm Agility Applications.
Agility, founded in 2007 by Craig Apps and Paul Biggs, offers bespoke technology management, hosting and reporting solutions for stockbroking clients.
The firm will become a wholly?owned subsidiary of HUB24 as part of the deal, while retaining its identity and headquarters in Brisbane.
Commenting on the acquisition, HUB24 managing director Andrew Alcock said: “This is an exciting development for us. We will have the capabilities to develop and offer an end?to?end suite of solutions across a broader set of wealth management business models. We look forward to investing in a combined HUB24 and Agility offering.
“However, our immediate priority is to ensure that Agility continues to deliver their exceptional products and services to their clients. HUB24 is already a customer of Agility so we are confident that the Agility solutions will continue to support and extend HUB24’s award?winning investment and superannuation platform.”
HUB24 will pay Agility $2m in cash and $4m in Hub24 ordinary shares following completion of the transaction, and a further $5.5m in cash and $3.5m in HUB24 ordinary shares over the next three years after certain conditions and performance hurdles are met.
The deal is expected to be closed in early January 2017, subject to customary conditions.
“Together, HUB24 and Agility aim to be the leading provider of wealth management platform and financial technology services to the stockbroking and non?aligned advice market,” Alcock added.