Financial advice technology and services company Padua Solutions has strengthened its offering and commitment to improving the advisory sector with the acquisition of structured adviser and licensee data, superannuation and SMSF insights provider Wealth Data.
“The acquisition of Wealth Data is a significant step forward in our vision to deliver the most powerful and actionable insights to the financial services industry,” Padua Solutions co-founder and chief executive Matthew Esler explained.
“The strong response to our capital raise reflects confidence in our strategic vision and we look forward to announcing additional acquisitions soon.”
The acquisition follows Padua’s recent $7 million capital raising, which was supported by Acorn Capital via its third investment in Padua Solutions. Funds from the capital raising are earmarked for strategic acquisitions and technology enhancements.
Acorn Capital investment director and Padua Solutions director Matthew Sheehan expected the deal to revolutionise the financial advice industry.
“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,” Sheehan noted.
Wealth Data founder Colin Williams will join Padua Solutions as part of the acquisition and will report to Padua’s head of data, research and technical advice Rudy Haddad.
“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.
According to Padua, key benefits for its clients of the Wealth Data acquisition include enhanced wealth insights, improved market intelligence, immediate opportunities for enhanced service delivery and collaboration, increased industry influence and greater innovation potential.
As well as reinforcing its leadership position in financial advice technology, Padua hoped the purchase will assist it to drive ongoing innovation in data analytics and artificial intelligence that will benefit advisers and institutions with continuously improving solutions.
