FNZ has won a bidding war to acquire Brisbane-based financial technology vendor GBST for $269 million, the latest in a series of deals by the London-headquartered wealthtech provider.
GBST has been the subject of a three-way tug of war between Bravura, SS&C and FNZ, with the latter eventually coming out on top with a $3.38 per share deal. The deal represents a 94.9% premium to the closing price of the company’s shares on April 11, when Bravura made an initial approach.
The acquisition of GBST comes hot on the heels of deals by the former Credit Suisse unit to acquire UK wealth management vendor JHC and German investment platform ebase.
GBST currently provides the underlying platform technology for a number of UK investment platforms including AJ Bell, Aegon and Novia,
"GBST has well established products, talented employees and deep relationships with major financial institutions in Australia and internationally," says FNZ managing director Adrian Durham. "We look forward to working with the company to expand its product and service offering in both wealth management and capital markets, aligned with our global mission of improving investment and retirement outcomes for all people."