Complii Fintech (ASX:CF1) has announced it is buying private company trading platform PrimaryMarkets.
PrimaryMarkets primarily allows secondary trading of securities of unlisted companies. It also assists companies with capital raising endeavours and share registry requirements.
Its revenues come from fees such as trading fees, administration fees and listing fees.
The deal will be paid for in shares and will result in Complii’s shares on issue
rising by 105 million – worth $5.88 million at today’s share price. It will be voted on at Complii’s Annual General Meeting, scheduled for October 26.
Both companies’ boards have unanimously backed the bid and
PrimaryMarkets founder Gavin Solomon will join Complii’s board.
The deal comes just under a year since Complii, then known as Intiger Group, acquired the Complii regtech solution that led to its current name.
Complii aims to do away with paper-based compliance functions for stockbrokers and financial planners.
Shares in the company rose nearly 10% off the back of this morning’s news.
