Diverger acquires AFSL Compliance business
Financial services and wealth management group Diverger has acquired licensee support business, AFSL Compliance.
Diverger announced the acquisition to the Australian Securities Exchange (ASX) stating that it was in line with the company’s strategy to be a market leading provider of services to advice and accounting firms.
AFSL Compliance provides support to advice firms that hold their own Australian Financial Services License (AFSL) or are looking to obtain their own license.
The ASX announcement said the acquisition provided Diverger with an established client base of 160 self-licensed advice firms and deeper capability in consulting services to that market.
The initial purchase consideration for the business is $1.37 million to be settled on completion with a further two equal payments of $685,000 to be paid at 12 and 24 months subject to revenue performance targets.
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