In what represents further consolidation of the sector, financial technology company Sargon has announced it has acquired the Trustee Services business, comprising Diversa Trustees Limited and CCSL Limited (Diversa) from OneVue Holdings Limited for a total purchase consideration of $43 million.
Established in 2009, Diversa was one of the largest providers of superannuation trustee services with over $10 billion in assets under trusteeship, with Sargon’s assets under trusteeship and supervision now exceeding $50 billion.
Phillip Kingston, Sargon chief executive, said they had acquired a company with a solid operating track record with talented industry veterans.
“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,” Kingston said.
Kingston said Diversa’s clients would soon have access to the Sargon Trustee Cloud, the company’s purpose-built trustee cloud infrastructure.
“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,” Kingston said.