Netwealth opens option to fully acquire Xeppo
Netwealth has opened the way to fully acquire data analytics and business management platform, Xeppo.
Netwealth, which already owns 25% of Xeppo, used its quarterly business update to the Australian Securities Exchange (ASX) to flag that it now has the option of fully acquiring the business.
Netwealth said it had agreed to provide growth funding of up to $2.5 million to accelerate the ongoing development and expansion of the Xeppo business which supports Netwealth’s Whole of Wealth strategy.
More important, it said that under the arrangement, Netwealth has the option to buy 100% of Xeppo over the next four years.
The announcement came on the back of Netwealth defying market trends to record a 32% increase in annual net inflows of $13 billion.
The company told the ASX that Netwealth was the fastest growing platform provider by net fund flows in Australia, accounting for 48% of industry net funds flows for the 12 months to 31 March, 2022.
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