Howard & Company has been successful in securing a strategic acquirer for Apteryx (latin for Kiwi in case you were wondering). Apteryx has developed a wealth management platform to address the client and regulatory needs of the burgeoning wealth management market here in NZ driven by the success of Kiwisaver. In securing NZX as the acquirer Apteryx will become very much a NZ Inc initiative in providing world class capability and functionality to the New Zealand market.
Below is the announcement released by NZX.
NZX announces today that it has entered into a non-binding heads of agreement to acquire 100% of Apteryx, a business that delivers rich online functionality to enable New Zealand investment advisers and providers to efficiently manage, trade and administer their clients’ portfolios.
The purchase price for Apteryx is confidential. NZX does not expect the business will have a material impact on earnings in 2015 or 2016.
Tim Bennett commented: “The Apteryx platform that we are acquiring has the potential to be developed into a core industry utility with a goal of improving effectiveness and efficiency within the New Zealand market, while at the same time providing medium-term growth potential for our shareholders.”
As at 31 March 2015, Apteryx had annual revenues of approximately $1.2 million and more than $1 billion of funds administered on the platform.