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.