A newly formed entity has purchased a number of superannuation entities from the embattled fintech.
Pacific Infrastructure Partners – a new entity formed for the purpose of investing in technology-enabled financial services – has announced the acquisition of key entities and assets of Sargon Capital.
APRA has approved the purchase of Diversa Trustees Limited, CCSL Limited and Tidswell Financial Services Ltd. The transaction was led through Cloverhill Group and Kibble Holdings. They are joined as equity shareholders in PIP by Vista Credit Partners, a strategic credit investor.
“We believe the proprietary next-generation trustee infrastructure that Sargon has developed to be world-class technology,” said Cloverhill group managing partner Teddy Wasserman. “As the new owner, PIP brings funding capacity, leadership capability and strengthened governance to unlock its enormous potential, as well as take advantage of what is a significant market opportunity, given the sector tailwinds and underinvestment in legacy systems.
“We are pleased to bring on board an experienced partner like Vista Credit Partners and thank them for the speed and certainty with which they executed this transaction.”
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