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Hub24 enters agreement to buy fintech company

Hub24 enters agreement to buy fintech company

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By elaina ·
December 02 2016

Hub24 enters agreement to buy fintech company

Platform provider Hub24 announced this week that it has executed a binding $6 million agreement to acquire financial services technology provider Agility Applications.

Hub24 enters agreement to buy fintech company
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The company said Agility's services will complement Hub24's non-custody reporting service, and the integration of the two services will provide stockbrokers with a "scalable and flexible wealth management offering" for their clients.

Hub24 will pay Agility $2 million in cash and $4 million in Hub24 ordinary shares upon completion of the acquisition, with a further $5.5 million in cash and $3.5 million in ordinary shares to be paid in the following three years, pending certain targets and conditions are met in that time.

"Hub24 is already a customer of Agility so we are confident that the Agility solutions will continue to support and extend Hub24's award-winning investment and superannuation platform," said Hub24 managing director Andrew Alcock.

"In Agility, we recognised an alignment of like-minded parties with similar innovation capabilities to support stockbrokers and their transition to becoming wealth managers for their clients."

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Mr Alcock said the acquisition would allow Hub24 to branch in to "a broader set of wealth management business models" by expanding the company's capacity to develop new end-to-end services.

Agilitiy will operate as a wholly-owned subsidiary of Hub24, and will retain its own office and identity following the acquisition, Hub24 said, with Agility's co-founders Craig Apps and Paul Biggs remaining employed by the new owners.

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