Financial technology and infrastructure company, Sargon, today announces it has acquired the Trustee Services business, comprising Diversa Trustees Limited and CCSL Limited (Diversa), from OneVue Holdings Limited (ASX: OVH) for a total purchase consideration of $43 million.
Established in 2009, Diversa is one of the largest providers of superannuation trustee services in Australia and has over $10 billion of assets under trusteeship.
Sargon’s assets under trusteeship and supervision now exceed $50 billion, with over 100 staff operating across Australia, New Zealand and Hong Kong.
In describing the strategic rationale for the acquisition, Sargon Chief Executive Officer, Phillip Kingston, highlighted the strength of Diversa’s market position and expertise in trusteeship.
“Diversa has a solid operating track record and brings to Sargon a group of talented industry veterans who, like Sargon, have sought to serve members' best interests by innovating and raising the bar for trusteeship in the superannuation sector,” Kingston said.
“The acquisition will bolster Sargon’s capability and scale in trustee services, enabling us to expand our impact further in helping institutions and entrepreneurs to build better funds and financial products.
“I’d like to take the opportunity to thank the team at OneVue for their commitment and engagement as we’ve worked together to complete the transaction.
“In particular, OneVue’s CEO, Connie McKeage, and CFO, Ashley Fenton, have been outstanding to work with in achieving this great outcome. Connie is a proven and accomplished leader in the Australian financial services community.
“Diversa’s clients will soon have access to the Sargon Trustee Cloud, Sargon’s purpose-built trustee cloud infrastructure which provides a rare combination of modern technology, industry expertise and financial licensing so clients can focus on their investors and growth.
“At its core, Sargon is an enabling partner for institutions, entrepreneurs and governments looking to develop world-leading funds, financial products, platforms and pension systems that drive member outcomes, domestic investment and economic growth.
“We’re delighted to welcome Diversa’s staff and clients to Sargon.”