Financial technology and infrastructure company, Sargon has acquired superannuation trustee services company Diversa Trustees Limited and CCSL Limited from OneVue for $45 million.
The company announced the transaction today and noted that on completion of the acquisition Sargon’s assets under trusteeship and supervision would exceed $53 billion, with over 120 staff operating across three countries.
Commenting on the strategic rationale for the transaction, Sargon chief executive, Phillip Kingston highlighted the strength of Diversa’s market position and expertise in trusteeship.
“Through a powerful combination of technology and industry experts, Sargon is helping our clients navigate regulatory complexity, as well as mitigate security and compliance risks so they can focus on growth,” Mr Kingston said.
“The provision of trustee services is core business for Sargon, so we see a natural fit between Sargon and Diversa. This acquisition will play an important role in Sargon’s growth strategy.
“Over the past three years Sargon has made a number of strategic acquisitions to bolster our capability and scale in trustee and custodial services, to ultimately deliver the best possible outcomes for our clients.
Completion of the acquisition is contingent on customary transaction conditions