The Federal Court of Australia has approved Sargon Capital’s acquisition of a listed Australian robo-advice business.
Decimal Software announced earlier today that the proposed scheme of arrangement between Decimal and its shareholders, in relation to the proposed acquisition of Decimal by Sargon Capital, was approved by the Federal Court of Australia.
Commenting on the transaction, Decimal CEO Damon Watkins said the group is pleased to receive formal approval for the acquisition of Decimal by Sargon, and looks forward to being able to finalise matters over the next week or so.
"I am particularly thankful to the Sargon team, who have demonstrated a strong commitment and confidence in the Decimal business and have at all times acted with a strong sense of integrity and purpose. We are looking forward to building on that strong purpose as we move through 2019 and beyond as part of a larger team,” he said.
The acquisition by Sargon brings Decimal into a diversified portfolio of financial services businesses that service a wide range of clients and is expected to provide significant opportunities to take the Decimal platform to an expanded portfolio of clients.
“As we move through the concluding stages of the royal commission into banking and financial services, we expect to see a sharper focus from institutions on the potential for technology platforms such as Decimal’s to help deliver automated, compliant and conflict free financial advice to more Australians," Mr Watkins said.
Over the past three years Sargon has made a number of strategic acquisitions to bolster its capability and scale in trustee and custodian services. Sargon CEO Phillip Kingston said the Decimal acquisition is an important milestone in Sargon’s growth strategy, bringing new technology capability to the group.
"Sargon is particularly enthusiastic about the opportunity Decimal brings to drive successful customer outcomes through financial literacy and engagement. It also marks the start of an exciting new chapter for Decimal’s staff and clients and we are pleased to welcome them to Sargon," he concluded.
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