InvestorWeb buys Vision
After only four years of operation, Vision FPS (Vision) has sold to InvestorWeb for the princely sum of $15 million.
After only four years of operation, Vision FPS (Vision) has sold to InvestorWeb for the princely sum of $15 million.
Creator of the highly successful financial planning software system VisiPlan, Vision started life as a two man band.
In its short history, principals Robert Green, CFP and financial analyst Ian Litster expanded the company to a staff of 15 with bases in Sydney and Melbourne. Offices will shortly open in Perth and Brisbane and clients include the likes of Mercers, Towers Perrin, Pricewaterhouse, Deloittes, Lend Lease Adviser Services, JB Were and Merrill Lynch as well as small users from all over Australia. It is understood the software is used by more than 1000 advisers.
Green says the decision to sell was based on the desire to take the company further.
“We have a lot of new plans in terms of driving our software and services forward,” he says.
“The sale reduces our risk in the business while simultaneously adding a range of new services and a range of expertise. InvestorWeb also gives us the security of having the backing of a public company, which makes us more attractive to offshore users.”
The InvestorWeb/Vision team is set to go offshore sooner rather than later.
InvestorWeb joint managing director Otto Buttula says the decision to buy Vision was based on InvestorWeb’s desire to speed up their move into the intermediary market.
“The genesis of our business is in providing services to the intermediary market. We think Vision’s client base is already second to none - and its still early days in its rollout.”
Buttola says Vision will help InvestorWeb to market web-based solutions to both financial planners and their clients — which is where InvestorWeb wants to be.
While three members of the InvestorWeb team will join the board, Vision will remain under the operational control of Green and Litster.
“We’ve kept business under the operational control of Robert and Ian because we believe their momentum is very strong and we want to assist them with that,” Buttula says.
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