In a statement to the ASX yesterday, Aviva Corporation – a company specialising in the natural resources and technology sectors – announced it has entered into a conditional agreement to acquire 100 per cent of the shares in Decimal Group.
Under the agreement, Decimal “intends to join the ASX in order to access additional capital to power the next phase of growth” as the platform provider seeks offshore opportunities, including in the UK and the United States.
“We’ve been developing the Decimal platform for a number of years, and have seen some considerable success with our soft launch,” said Decimal executive chairman Michael Sertorio.
“With the platform now proven as ‘ready to market’, the time is right for us to take the next step in our growth as a 'software as a service' provider by making a major investment in our marketing and sales campaign.
“Advisers and firms using our product will typically see major improvements to their ability to offer timely, accurate and quality advice to their clients, whilst also seeing improvements to the ability to develop new customers.”
In a presentation to shareholders, Aviva listed a number of Decimal’s attributes that led to the decision to acquire the company.
“As has happened in other industries disrupted by innovative cloud-based technology solutions (e.g. Xero, SEEK, Carsales and Freelancer), Decimal also provides an industry cloud platform for independent financial advisers, dealer groups, financial instituions, stockbrokers and super funds to penetrate a large, relatively untapped, new market of investors who require financial products but do not currently receive advice,” Aviva said.
