DASH eyes further strategic acquisitions
DASH Technology Group has reported double-digit uplift across the group in FY24, as it focuses on inorganic growth through strategic acquisitions in the year ahead.
The financial planning software and platform provider saw a 50.3 per cent group revenue growth in the 2023–24 financial year.
Breaking this down, its platform revenue rose by 55.5 per cent and its software revenue was up by 32.7 per cent compared to the previous financial year.
DASH also recorded 100 per cent expansion in its institutional client base over the 12-month period.
According to the firm, its client-led and adviser-led digital advice tools, which aim to bridge the advice gap for institutional businesses and advice practices, was a key driver of its software revenue growth.
DASH chief executive Andrew Whelan said: “DASH’s strong growth this year reflects our commitment to innovation and integration in the financial advice space. Our goal is to make reliable financial advice more accessible to those who need it most, and that means leveraging technology to help bridge the advice gap that continues to be a pressing concern.”
Speaking to Money Management, the CEO signalled its inorganic growth plans on the horizon through additional M&A deals.
“Given we’re the only true end-to-end advice solution, we have a deep pipeline that we will be onboarding over 12 months. We will also continue to look at strategic acquisitions over the next 12 months,” Whelan said.
In July, it announced the acquisition of Integrated Portfolio Solutions, a portfolio administration solution with $10.6 billion in funds under advice (FUA) that acts as a “whole-of-wealth”, non-custodial platform and removes the burden of portfolio administration.
The deal is set to grow DASH’s FUA to more than $15 billion and will enable the firm to service the entire market of clients, ranging from retail clients to high-net-worth individuals and family offices.
Whelan continued: “DASH’s growth strategy has been, and will continue to be, centred around delivering the most complete and scalable solution in the market.
“This includes delivering a digital advice solution to enable industry funds to cost-effectively service their members and allowing financial advisers to service low to medium balance clients easily, aiding the government’s initiative to improve financial literacy.”
Earlier this year, the company appointed Jim Lim as its chief technology officer, replacing Ted Tsao who held the role for two years prior.
AUTHOR
Jasmine Siljic
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