Financial planning software provider Midwinter has announced it has completed its transaction to acquire InvestmentLink.
InvestmentLink was Australia’s largest independent datafeed repository, which fully serviced the Australian financial planning market.
The acquisition was completed on 10 May 2019 and financial details of the transaction had not been disclosed.
The majority of InvestmentLink staff would be retained, and the technology and teams would be consolidated over time.
Midwinter co-founders James Murphy, Andrew McClelland and Julian Plummer had been appointed to the InvestmentLink board.
Plummer would become managing director, while Salvador Saiz would maintain key relationships with platforms and datafeed clients.
“Midwinter identified that the InvestmentLink datafeed service will be a crucial component of the future advice landscape, given that the impending Open Banking legislation completely ignores superannuation products.” Plummer said.
“Additionally, we have found many of our digital superannuation fund clients prefer not to implement any systems where their members are required to share credentials to banking portals.”