Industry funds-backed asset manager, IFM Investors has increased its cornerstone stake in publicly-listed digital software provider, Decimal Software, in what represents an endorsement of its push into the digital advice arena.
Decimal announced to the Australian Securities Exchange (ASX) this week that IFM Investors had increased its stake to 15 per cent as a result of a placement of 28,900,000 ordinary shares at 0.03 cents per share.
Decimal chief executive, Nic Pollock said securing the increased investment from a large global fund would help the company continue its push into Australia’s superannuation market.
“There is no doubt that in the past 12 months since IFM became a shareholder, we’ve demonstrated how effective and relevant our digital advice platform is for many different types of superannuation funds,” he said.
Pollock said the new commitment from IFM Investors would allow Decimal to focus its investment on the successful release of its mobile first strategy as well as expanding existing programs with both current clients and new prospects.
IFM Investors head of Active Equities, Neil Carter said the investment decision was made given the natural shift of the superannuation industry to embrace more digital services.