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.
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.