Australian listed investing platform Selfwealth will move into private ownership following its acquisition by a Singapore-based platform, which will continue to operate it under an updated brand.
New owner Syfe stated the acquisition took place following a successful shareholder vote on the all-cash $65 million transaction and will result in Selfwealth being delisted from the Australian Securities Exchange and begin privately trading as Selfwealth by Syfe from 7 May.
The Australian business will continue to operate from Melbourne with the integration into its new parent company being overseen by Syfe group chief operating officer and head of international operations Samantha Horton.
Syfe, which operates in Singapore and Hong Kong offering diversified portfolios, cash management and share brokerage, stated the acquisition is part of a strategy to grow its presence and investor base in Australia given Selfwealth has a large, committed and high-quality customer base.
Syfe founder and chief executive Dhruv Arora said: “Selfwealth’s strong user base and credibility in the Australian market make it a natural strategic fit for Syfe.
“The acquisition will provide a seamless transition for customers, unlocking access to Syfe’s broader suite of investment products and technology-driven solutions over time, while retaining everything that Selfwealth customers presently enjoy.”
Arora said Syfe and Selfwealth’s strengths were complementary and both businesses had a shared focus on long-term investing, mass-affluent investors and a commitment to putting customer needs first.
Selfwealth chief executive Craig Keary added Selfwealth has developed a strong and trusted brand and grown a loyal customer base since starting in 2012 and the acquisition represented its ongoing efforts to meet consumer demands.
“We see great value in entering a new phase for the Selfwealth business with Syfe’s vision to enhance the digital investing experience, which is aligned with our commitment to providing accessible and innovative investment solutions to our clients. We are confident that this alignment will deliver enhanced value to all our customers,” Keary said.
