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Hub24 and Paragem complete merger deal

Technology provider Hub24 has completed its acquisition of Paragem, with the licensee’s boss Ian Knox proclaiming a win for “consumers and IFAs”.

Having announced the deal in August, the transaction was finalised yesterday, aiming to create a combined business that provides services to IFAs while remaining non-conflicted.

“Our philosophy has always been to find benefits for consumers and this merger enables that to occur,” Mr Knox said.

“We believe that Paragem is now incredibly well positioned and equipped to be a landing pad for IFA practices seeking a non-conflicted APL while accessing technology which will effectively leapfrog traditional wrap platforms.”

At the same time, Mr Knox said the advent of “Australia’s first vertically-integrated model between technology and advice” is strategically important for the industry and will prove to be a “better model than conflict through ownership by an investment or insurance product manufacturer”.

Hub24 chief executive Andrew Allcock said the merger is an "an innovative move which would result in significant beneifits to Paragem's client base and a win-win situation for consumers in the post-FoFA era”.