In a statement on Tuesday, the Asia-Pacific saving and investment platform, Syfe, confirmed it has acquired the Australian digital investing platform for $65 million.
Syfe confirmed that subject to all remaining conditions being met or waived – including necessary court approvals – the acquisition is expected to be completed on 7 May, which will result in Selfwealth being delisted from the ASX to begin privately trading as Selfwealth by Syfe.
Syfe was not the only bidder for Selfwealth, with the firm having earlier entered into a scheme of arrangement with Bell Financial Group, which declined to make a counterproposal after the Asia-Pacific platform increased its offer.
Selfwealth, which was launched in 2013, offers online equity trading and a financial adviser platform to help advisers manage client portfolios and self-managed superannuation fund (SMSF) investing.
Commenting on the transaction, Syfe founder and CEO, Dhruv Arora, said: “We believe now is the time to strengthen our presence in Australia.”
“Despite the largest intergenerational wealth transfer in history presently underway, a large proportion of Australians are still keeping their wealth in savings accounts, foregoing significant market returns. For many, the missing link is objective, transparent advice and access to the right investment solutions,” Arora said.
“Syfe is well placed to tap into this opportunity through advice and education as well as a low-cost, innovative offering that doesn’t compromise on quality.”
Craig Keary, Selfwealth CEO, said the deal will unlock greater potential to increase the level and speed of product innovation, while also improving user experience.
“With a refreshed board and new leadership team, significant progress and success has been accomplished in a short time as we transformed the business to meet shifting customer demands,” Keary said.
“Today, we see great value in entering a new phase for the Selfwealth business with Syfe’s vision to enhance the digital investing experience, which is aligned with our commitment to providing accessible and innovative investment solutions to our clients. We are confident that this alignment will deliver enhanced value to all our customers.”
