IWL expands Visiplan rollout
Online financial services group Investorweb Limited (IWL) has entered into deal which will result in it’s Visiplan planning software being used throughout the ING Australia Group including all of its associated financial planning groups.
The deal replaces a previous arrangement struck in July this year in which IWL would provide the VisiPlan software platform to ING subsidiary, Partnership Planning.
Under the agreement ING Australia, which owns a 13 per cent stake in the online financial services group, will work along side IWL to extend the VisiPlan platform throughout all its network.
No figures on the cost of the deal have been disclosed, but IWL chief executive officer Otto Buttula says it is expected to be “the largest single licensing agreement entered into so far”.
Buttula says the reason for such a large price tag is because the network of ING associated planners is amongst the most extensive in the country and includes some of the most respected groups.
ING’s local dealer groups include AustAdvisers, Austbrokers, Concord Underwriting, Lynx, Partnership Planning, RetireInvest and Super Concepts.
The agreement is also the first concrete benefit to flow from the ING Group’s decision to become a significant shareholder in IWL.
In July this year, IWL announced a strategic placement of $8.9 million, representing 37,137,395 shares at $0.24 per share to the ING Group. The stakeholder deal came after ING approached IWL seeking to buy a share of the later.
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