Sargon to acquire Decimal by December
Financial technology and infrastructure company, Sargon, has announced an agreement to acquire 100 per cent of the issued shares in Decimal Software for $1.41 cash per share, with the acquisition expected to be completed this December.
The agreed price represented a premium of 35 per cent based on the 30-day volume weighted average price for Decimal shares.
Speaking of the strategy behind the decision, Sargon chief executive, Philip Kingston, pointed to Decimal’s ability to generate financial literacy and engagement.
“As technology entrepreneurs enter the financial industry in a more meaningful way, the opportunity to drive successful customer outcomes through financial literacy and engagement is enormous,” he said.
“The advice industry is undergoing significant change, and this change presents a lot of opportunity for Decimal and Sargon.”
The Decimal board unanimously recommended Sargon’s offer in the absence of a superior proposal, and subject to an independent expert evaluating the transaction concluding that the acquisition is in the best interests of Decimal’s shareholders.
The acquisition would occur by way of court approved scheme of arrangement.
AUTHOR
Hannah Wootton
Recommended for you
JANA Investment Advisers has made several internal promotions and new appointments across its research team to bolster its position in the market.
SQM Research’s former head of research, Rob da Silva, has joined an investment consulting and analytics firm to drive the expansion of its research coverage.
AFCA has confirmed its chief operating officer, Justin Untersteiner, will be departing the organisation in March to take up a CEO role.
Minister for Financial Services, Stephen Jones, has announced he will be retiring at the upcoming federal election.
