The merged entity will have 200 advisers who collectively provide advice to over 50,000 retail clients.
Infocus managing director Rod Bristow said merging with Patron would give Infocus leverage to create a "national, independently-owned wealth management business of scale".
"This is a powerful vote of confidence in Infocus’ business model and strategy," said Mr Bristow.
Patron will retain its branding and adviser-facing teams for a minimum of three years, according to Patron general manager Rob McCann.
"In regards to equity holders, we have been in discussions with IOOF and they agreed to sell their stake in Patron pre-merger," said Mr McCann.
A statement released by Infocus said the "lack of institutional ownership is a key differentiator for the merged group".
"For retail clients seeking advice from our merged group, the benefits of independent ownership are obvious," said Mr Bristow.
"Clients can be assured their advice is strategic in nature and helps them meet their life goals, regardless of the products that may be chosen to help them get there," he said.
Mr Bristow said Infocus is continuing to scan the market for "new opportunities" – "as well as pursuing our organic growth strategy".
