Ferocia has been acquired by Bendigo and Adelaide Bank (ASX:BEN)
August 2021 — Bendigo and Adelaide Bank (BEN) has entered into a share sale agreement to acquire 100% of the shares of Ferocia Pty Ltd for a consideration of up to US$86.3 million. BEN has partnered with Ferocia for more than nine years to deliver BEN’s e-banking app and internet banking platform and in 2018, the collaboration led to the launch of Up – Australia’s highest rating banking app.
Co-founded by Dominic Pym and Grant Thomas in 2011, Ferocia is a Melbourne-based software development company comprised of a close-knit team of talented developers and designers, driven by distilling complex problems into simple, elegant solutions that customers love. Up is a global leader in customer growth and continues to generate unparalleled customer engagement within the Australian neobank market.
Bendigo and Adelaide Bank is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. Powered by technology-led customer experience design and run by an internationally experienced team, this acquisition will allow BEN to grow and advance the Up platform.
Our role in the transaction
Oaklins’ team in Australia is pleased to have acted as M&A corporate advisor to Melbourne-based fintech Ferocia Pty Ltd on its sale to Bendigo and Adelaide Bank (ASX:BEN). The team worked with the founders on complex negotiations with their ASX-100 JV partner, successfully reaching an agreed outcome within a tight timeframe. This transaction adds to Oaklins’ strong track record in advising founder-led businesses on successful exits. The sale also adds to the team’s extensive deal experience within the finance and fintech space.
Talk to the deal team
Related deals
Comtax has been acquired by Ryan
Comtax, a São Paulo-based tax technology consultancy specializing in tax determination and digital tax compliance, had been acquired by Ryan, the world’s largest firm dedicated exclusively to business taxes. The transaction marks Ryan’s entry into the Brazilian market, adding a specialized team and an established base of large corporate clients in Brazil, one of the world’s most complex tax environments, at a time when the country’s consumption tax reform is set to reshape how companies calculate and report indirect taxes. For Comtax, the acquisition brings access to Ryan’s global platform, technology and client network across more than 80 countries, creating opportunities to scale its tax determination and compliance offering beyond its current footprint. Comtax’s founders will continue to lead the business.
Learn moreNextalia has acquired a majority stake in Witapp
Nextalia SGR S.p.A. has acquired a majority stake in Witapp S.r.l., an Italian company specializing in software development for the digitization of healthcare infrastructure. The acquisition strengthens Nextalia’s track record in technology companies serving the public sector and supports its strategy of investing in businesses operating at the intersection of healthcare digitization and the modernization of public services.
Learn moreWestBridge has made a majority investment in Beckett Investment Management
WestBridge Fund Managers Limited has agreed to make a majority investment in Beckett Investment Management Group, a leading financial planning business in the east of England. The transaction is the fifth investment from WestBridge III and is subject to regulatory approval by the Financial Conduct Authority (FCA).
Learn more