Financial services technology platform company, Spitfire Corporation has acquired Wealthtrac.
Spitfire said it had completed acquisition of the Wealthtrac business but declined to disclose the value of the transaction.
In announcing the move, Spitfire said Wealthtrac had been operating for over 15 years, developing and distributing wealth products for self-licensed advisers during which time, the company had grown to be the largest multi-dealer owned platform business in Australia, currently with over $2 billion in funds under management and in excess of 6,000 adviser clients.
Commenting on the transaction, Wealthtrac chief executive, Matthew Johnson, said he was excited to be working with the Spitfire team which had built a leading global digital platform and was continually looking to improve the customer experience.
“Importantly, this is also an exciting opportunity for our clients who will be able to offer an innovative solution that provides numerous benefits including access to multi-asset classes and best of breed reporting,” he said.
Spitfire said the deal supported the company’s ambition to enhance its distribution capability prior to a planned initial public offering later this year.
Spitfire executive director, Laurence Milne said the company saw three key benefits for Spitfire from its acquisition of Wealthtrac – an immediate boost to funds under management, the addition of substantial profitable revenue plus, the broad distribution network of self-licensed advisers who would support the firm’s future growth.