Sargon to acquire Decimal by December

fintech/technology/Acquisitions/sargon/Decimal-software/Decimal/

21 September 2018
| By Hannah Wootton |
image
image image
expand image

Financial technology and infrastructure company, Sargon, has announced an agreement to acquire 100 per cent of the issued shares in Decimal Software for $1.41 cash per share, with the acquisition expected to be completed this December.

The agreed price represented a premium of 35 per cent based on the 30-day volume weighted average price for Decimal shares.

Speaking of the strategy behind the decision, Sargon chief executive, Philip Kingston, pointed to Decimal’s ability to generate financial literacy and engagement.

“As technology entrepreneurs enter the financial industry in a more meaningful way, the opportunity to drive successful customer outcomes through financial literacy and engagement is enormous,” he said.

“The advice industry is undergoing significant change, and this change presents a lot of opportunity for Decimal and Sargon.”

The Decimal board unanimously recommended Sargon’s offer in the absence of a superior proposal, and subject to an independent expert evaluating the transaction concluding that the acquisition is in the best interests of Decimal’s shareholders.

The acquisition would occur by way of court approved scheme of arrangement.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

3 days 23 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5