Integratec expands into compliance
Financial planning training group Integratec has expanded into compliance services with the acquisition of THP Services.
Integratec's parent company Worldschool completed the acquisition of THP earlier this month for an undisclosed sum to build its financial services business. Worldschool bought Integratec about a year ago and then subsequently sold its online secondary education business a few months ago.
Integratec is now the sole operations of Worldschool and is on the lookout for acquisition opportunities with about $11 million in the bank.
General manager John Prowse says the group is likely to change its name in the near future to reflect the changed nature of the business.
Prior to the acquisition by Integratec, THP was majority owned by managing director Adam Taylor and fellow director Adam Tregurther had a minority stake. The business, which has revenue of about $2.55 million, is a good fit for Integratec's training and compliance business. It has already been renamed Integratec Compliance.
One of Integratec's four main operational streams is the Integratext financial planning manual which is a regularly updated source for financial planning. Integratec believes the demand for outsourced compliance and training services is likely to increase substantially in the next few years with the introduction of CLERP 6 regulations and ASIC's PS 146 competency requirements.
Prowse says Integratec is also about to roll out a number of new courses for its financial services training business, including a course in stock broking aimed at stock brokers, financial planners and accountants.
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