Complii boosts compliance cred with key acquisition

ASX-listed regulatory technology (regtech) firm Complii has announced it has fully acquired MIntegrity, a compliance risk consultancy, creating it says a “one-stop shop” compliance technology and consultancy services for Australian financial services licence (AFSL) holders.

The acquisition includes integration of MIntegrity’s brand, intellectual property, key personnel, and client list into the Complii business. Both firms are headquartered in Sydney.

Complii will pay two instalments of $150,000 for the MIntegrity buy-out, with the second instalment (split in two) contingent on the company achieving revenue targets across the FY24 and FY25 financial years. As well, the regtech will issue 13 million in fully paid ordinary shares.

According to Complii, the acquisition supports its broader goal of creating Australia’s first end-to-end compliance management offering for AFS licensees, with targeted services for brokers, advisers and wealth management firms.

Alongside its compliance support services, the company also provides tailored guidance for businesses in managing M&As, capital raisings and private equity trading, and shareholder registry and communications, among others.

Founded in 2013, MIntegrity consults financial services providers and market participants on meeting various regulatory obligations, including obligations to meet AFS licence conditions, AML/CTF, trading, clearing and settlement on ASX and ASX24 and Cboe. The company also guides clients with pre- and post-trade monitoring and surveillance, alongside support with trading platforms.

Among MIntegrity’s client solutions include RegsWeb, a digital regulatory web service that automatically converts policy and procedure docs into navigable web pages and updates regulatory changes, and MIWize e-learning portal, a library of specialised e-learning models to help meet FASEA requirements.

The company boasts more than 100 clients, including CommSec, Koda, Escala Partners, ABN-AMRO Clearing and Jarden.

Last financial year, MIntegrity achieved a modest revenue intake of $1.33 million, with Complii raking in $8.97 million.

Complii executive chair Craig Mason said the company is “strengthening and future-proofing [its] full, end-to-end offering to our customers, which positions us to maintain our first-mover advantage across all facets of our industry”.

“Complii believes that the asset acquisition will provide both our group and MIntegrity with additional and complementary business opportunities for their respective current operations.”

He added that the MIntegrity team’s “skills, expertise and network” will add significant value to the Complii group, with the acquisition set to further its position “as the ‘backbone’ of Australian equity capital markets”.

MIntegrity co-founders and managing directors, Andrew Tait and Amanda Mark have received 6 million in performance rights. As part of the transaction, the pair will join the Complii group as employees for a minimum of 24 months.

Founded in 2007, Complii’s services are centred around its digital platform, a centralised framework that provides ADSL holders with “user-centric workflows for compliance, capital raising and operational needs”, with its single desktop solution automating key compliance and operational requirements for financial services organisations.