Financial services provider Spring FG has acquired financial markets publisher and website operator Digifi Group, which specialises in robo-advice.
Under the deal terms, Spring FG will pay $450,000 to purchase 100% of the shares on issue in Digifi.
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The deal is expected to build Spring FG’s platform for the launch of broad-scale digital delivery of financial advice and wealth management products and services.
Spring FG’s existing online subscriber base in its Wealthadviser Financial Education division will more than double post acquisition, bringing its online community to over 130,000.
Wealthadviser provides free financial education through its regular seminar programs and its publication of over 60 eBooks on various investment, financial planning as well as tax and accounting subjects.
Spring FG managing director Keith Cullen commented: "The Digifi sites inform, educate and connect investors through a blend of expert commentary from some of the country’s most recognisable names linked with investment tools, market data and user-generated content so they ideally complement the objectives of our Wealthadviser division.
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By GlobalDataThe deal will allow Spring FG to utilise Digifi’s content databases to expand its eBook and seminar content, while Digifi subscribers will be benefited through immediate access to the Wealthadviser library.
"Our rollout of emerging technologies like so-called ‘robo-advice’ will not only allow us to deliver cost-effective services to an emerging market of self-directed investors, it will help us deliver cost-effective hands-on personal advice on a broad scale to consumers outside of our capital cities and improve the experience of existing clients by lowering the cost of service delivery, thereby improving accessibility and affordability," added Cullen.
