Count has announced an upgrade to its expected “cost synergy benefits” from the Diverger acquisition, increasing the annualised expected cost savings to about $4 million, to be achieved in FY2025.
“This represents a considerable upgrade from the initial $3 million expectation announced at the time of the transaction,” Count said.
Count chief executive Hugh Humphrey said the substantial improvement showed the “strategic value” of the acquisition.
“Following this acquisition, Count cemented its position as one of Australia’s leading integrated accounting and wealth services providers with over 500 accountants and 550 financial advisers in our national community,” Humphrey said.
“The synergies we’ve identified so far will ensure we can continue to operate more efficiently, delivering better outcomes for our shareholders, firms and clients.”
He added that the speed of the integration from the new combined Count team played a large role in the outcome.
“Our people have moved quickly and worked hard to integrate the businesses and realise tangible benefits,” Humphrey said.
“I’m grateful for the hard work of the team to successfully complete the transaction, integrate the businesses smoothly, and make doing business easier for all our business partners.”
Count’s acquisition of Diverger was first announced in September 2023 and finalised in March, with Humphrey saying it was a “pinnacle moment in the company’s 44-year history”.
“This acquisition resets the structure of wealth management advice in Australia, creating a leading diversified financial services company,” Humphrey said at the time.
“The network now represents over 590 accountants, in excess of 550 financial advisers and a greatly expanded suite of services. Combined revenues for FY23 exceed $129 million and the group has funds under advice (FUA) of $29.9 billion.
“Through the Diverger acquisition, Count’s firms and their clients will access benefits through a range of exciting new services and investment options, including technical support, tax training, separately managed accounts (SMAs), and IT services.”
He added that the expanded group represented a new chapter for Count that would enable it to offer “high-quality, holistic financial services to more clients in Australia”.
“As an industry leader and one of the largest professional advisory businesses in Australia, Count can give more Australians access to the advice they need to have the confidence to look ahead,” Humphrey said.
