Wealth Data sold to fintech Padua
Financial research firm Wealth Data, which publishes the weekly financial adviser numbers, has been sold to fintech firm Padua Solutions.
The acquisition follows a capital raise by Padua which raised $7 million, exceeding its $5 million target and supported by cornerstone investor Acorn Capital.
Wealth Data was founded by Colin Williams in 2011 and provides research on adviser movements, AFSL listings and superannuation data. Once the deal is completed, Williams will join Padua and report to Rudy Haddad, head of data, research and technical advice.
Williams has over 30 years’ experience in financial advice and wealth management, having started with a decade at ANZ followed by roles at Hillross Financial Services, iPac, Perpetual, and Rabo Financial Advisors.
Benefits for Padua’s clients from the acquisition will include improved market intelligence, enhanced wealth insights, broadening of its client lists, increased industry influence, and greater potential for innovation, the firm said.
Padua indicated this is one in a series of acquisitions the firm will be doing, following the capital raise, as it looks to strengthen its position in technology-enabled financial advice solutions and empower advisers to build strong futures.
Matthew Esler, co-founder and CEO of Padua Solutions, said: “The acquisition of Wealth Data is a significant step forward in our vision to deliver the most powerful and actionable insights to the financial services industry. Colin Williams and his expertise will significantly enhance our offering and our ability to support our clients’ growth and success.
“The strong response to our capital raise reflects confidence in our strategic vision, and we look forward to announcing additional acquisitions soon.”
Williams said: “Joining Padua presents an exciting opportunity to further enhance how our data insights drive positive outcomes in financial advice and financial services. Together, we will continue innovating to deliver unparalleled value and insights to the industry.”
AUTHOR
Laura Dew
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