In a move co-founder and CEO Matthew Esler said would help Padua “deliver the most powerful and actionable insights to the financial services industry”, the firm has acquired adviser and licensee data provider Wealth Data.
It follows Padua outstripping its target of a $5 million capital raise, which closed at $7 million, with Acorn Capital as the “cornerstone investor” making its third investment in the business.
According to the firm, the capital raise will “support strategic acquisitions and technology enhancements – including digital automation and AI – to further strengthen Padua’s leadership in tech-enabled financial advice solutions”.
Wealth Data founder Colin Williams will join Padua as part of the acquisition, reporting to head of data, research and technical advice Rudy Haddad.
“Colin Williams and his expertise will significantly enhance our offering and our ability to support our clients’ growth and success,” Esler said.
“The strong response to our capital raise reflects confidence in our strategic vision, and we look forward to announcing additional acquisitions soon.”
Padua added that the addition of Wealth Data would allow it to provide enhanced insights across financial adviser and licensee data, as well as superannuation and self-managed super fund, for “more targeted, effective adviser support and client engagement”.
“Joining Padua presents an exciting opportunity to further enhance how our data insights drive positive outcomes in financial advice and financial services. Together, we will continue innovating to deliver unparalleled value and insights to the industry,” Williams said.
Alongside being able to leverage Wealth Data’s platform and institutional relationships to broaden its client base, Padua said the move will also provide clients with deeper insights into market dynamics to enhance their “strategic decision making and competitive advantage”.
It also signalled the potential for greater innovation as part of its drive to ongoing innovation in data analytics and AI.
Matthew Sheehan of Acorn Capital and a director of Padua Solutions said: “We believe that with its technology and data, Padua is poised to revolutionise the advice sector.
“The acquisition of Wealth Data is a step to achieving this goal and we are excited to continue to support Padua’s ongoing growth and look forward to their continued success.”
