SYDNEY: HUB24 announced the completion of the acquisition of Ord Minnett’s PARS.
PARS is a portfolio service that has been operating within Ord Minnett for 15 years and includes tax reporting and corporate action management for over $8 billion in FUA and is one of the largest providers in the Australian market.
The transaction was completed for an upfront cash consideration of $10.5 million.HUB24 has also finalised the standard documentation for a three-year debt facility arranged through ANZ of $12.5 million with a floating interest rate of BBSY plus 1.95%.
The completion of this acquisition and the debt facility are the first steps in a series of strategic transactions announced by the Company on 28 October2020.
The Australian Securities Exchange-listed HUB24 Ltd connects advisers and their clients through innovative solutions that create investment opportunities.
The business is focussed on the delivery of the HUB24 platform and the growth of its wholly owned subsidiaries Paragem Pty Ltd, a financial advice licensee, Agility Applications Pty Ltd and HUBconnect Pty Ltd which provide data, reporting and software services to the Australian stockbroking and wealth management market.
HUB24’s award-winning investment and superannuation platform provides broad product choice and a market-leading experience for advisers and their clients. Its flexible technology allows advisers and licensees to customise their platform solution to fit their individual business so they can move faster and smarter. It serves a growing number of respected and high-profile financial services companies.
Leave a Reply