Digital compliance company Complii has acquired specialist regulatory risk consulting firm MIntegrity, to boost its ambitions of developing an all-inclusive regulatory offering.
The Sydney-based fintech provides a digital platform aimed at removing paper-based compliance and automating key compliance and operational needs for Australian Financial Services (AFS) licence holders.
On Monday, the company announced the acquisition of MIntegrity’s IP, key personnel and customer list, which covers over 100 clients including the CBA’s CommSec, Openmarkets, other AFS licence holders and international customers.
The company said the “acquisition will further diversify and add significant incremental revenue to the Complii Group, as well as providing increased scope for cross-selling the group’s service offerings across a wider client base.” [pdf].
Under its growth strategy, Complii has identified opportunities for cross-promotion with integration and further benefits for its clients.
The transaction involved an initial payment of $150,000 followed by two further payments of $75,000 over 24 months “subject to the achievement of agreed performance goals.”
Payment also included the issue of 13 million fully paid ordinary shares in Complii and the issue of 6 million performance rights “subject to achieving milestones”.
Complii will now gain access to MIntegrity’s solutions including digital regulatory web service, RegsWeb and the MIWize e-learning portal.
RegsWeb “complements” Complii’s existing compliance modules, while MIWize is expected to be delivered through the company’s existing CPD online management platform, ThinkCaddie.
Executive chairman of Complii Craig Mason said MIntegrity’s “skills, expertise and network will add significant value to” the company.
“Building on our previous acquisitions of PrimaryMarkets and Registry Direct, this acquisition helps us build our compliance ecosystem further, adding services to our unique technology platform and consolidating our positioning as the “backbone” of Australian equity capital markets”.