Allfunds announces that the acquisition of Web Financial Group, S.A., a European financial technology company and provider of software solutions to the wealth management sector, has closed following completion of customary closing conditions.
WebFG, now a wholly-owned subsidiary of Allfunds, will continue operating under its existing brand within the Allfunds ecosystem.
The acquisition will help Allfunds to further bolster its tailor-made solutions available for the wealth management industry and progress towards an even more streamlined, efficient fund distribution ecosystem.
Allfunds will approach strategically the combined service offering and scalability for WebFG’s existing client base, which includes retail banks, wealth managers, investment platforms and private banks.
As part of this investment, Allfunds will onboard the 91 employees of WebFG which are located across six offices in Europe, further boosting its global footprint in key markets such as France, Germany, Spain, Sweden, Switzerland and the UK.
The financial terms of the deal allow Allfunds to create value for its shareholders immediately and generate positive earnings per share, the company said.
With WebFG, Allfunds broadens the value proposition for its clients and reinforces its capabilities in the digital ecosystem, key for the future development of the company.
For Funds Society, Madrid