IFM Investors take key Decimal stake
Industry funds-backed fund manager, IFM Investors has taken a cornerstone stake in publicly-listed financial services technology provider, Decimal Software, which will give it an interest in the roll-out of digital advice.
Decimal has announced to the Australian Securities Exchange (ASX) that IFM Investors has taken the cornerstone investment following a successful $2.29 million capital raising. It now has a 6.5 per cent stake in the company.
Confirming the arrangement, Decimal chief executive, Nic Pollock said the deal represented a significant milestone for the company.
"The commitment from IFM Investors allows us to invest more in our distribution efforts targeting the superannuation industry," he said.
IFM Investors head of Active Equities, Neil Carter said the company as pleased to join the rapidly emerging digital advice market.
"The superannuation market knows that members are increasingly demanding digital services," he said. "Decimal as the only provider of enterprise level digital advice, enables the superannuation to achieve just that."
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