Intiger Group acquired Sydney-based fintech Complii

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Integer group acquires Complii | iTMunch

Financial software company Intiger Group announces that it has agreed to acquire Complii, a Sydney-based regtech solution in an all-scrip deal. Complii has developed a regulatory technology platform that removes the need for paper-based compliance functions for financial planners and stockbrokers. It has also created an online mortgage brokerage service called Shroogle.

Integer Group acquires Complii 

Intiger Group will be changing its name to ‘Complii Fintech Solutions’ after the reverse takeover. 

As part of the deal, Intiger will be giving Complii shareholders 1.24 Intiger Group shares for every Complii share held. Shareholders of Complii will also be given 2 options — First, exercisable at 5 cents each by 2022 end and the second at 10 cents, each by 2023 end. Importantly, Intiger Group is to first consolidate its shares on an 80:1 basis. All shares issued in the buyout will be post-consolidation. Intiger will also add 2 Complii directors to its board

It will be issuing another 100 million – 140 million in shares to raise an extra $5 million to $7 million. Its Executive Chairman is Craig Mason. He is BNY Mellon Australia’s former Country Head as well as the Founder of Penson Financial Services Australia, a third-party trade execution provider.

Intiger runs a software house that’s dedicated to supporting financial planners, however it hasn’t had success with it. In FY2020, the company recorded merely $160,125 in revenue, and incurred a $1 million loss.

SEE ALSO: Brisbane-based IT consulting firm Idea 11 gets cash injection

Investor placement of Intiger Group

After completing a sophisticated investor placement, Intiger Group raised about $125,000 earlier in June. The software company received binding commitments for the placement of 250 million shares. The shares were issued at 0.05 cents each, at a 50% discount to its previous closing price. Intiger said the money raised would be used as general working capital and to evaluate potential acquisition opportunities.

Euroz Securities, a Perth-based stockbroker provided services as the lead manager of this placement. Euroz is to receive an equity-raising fee which will be equal to 6.0% of the total gross amount raised in the placement. As a result, for this placement, a placement fee of approximately $7500 for Euroz Securities will be applicable, subject to shareholders approval. 

SEE ALSO: Australian B2B marketplace TradeSquare goes live using Mirakl’s cloud platform

Image Courtesy: Pixabay

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.