Sanlam to buy R100 million stake in EasyEquities
Sanlam has announced that is has entered into an agreement to acquire a 30% stake in EasyEquities.
This is in a joint pursuit of growing clients’ wealth, making it easier for new clients to open an investment account and access the investment markets, the company said in a statement.
The two companies had previously collaborated on the SatrixNOW investment platform – a white-label version of EasyEquities.
“EasyEquities and SatrixNOW share the same innovative culture and the purpose of democratising investments for all South Africans,” said Helena Conradie, CEO of Satrix.
“These are the only investment platforms in the country that has no minimum investment amount, making it accessible to those with even the smallest of investments.”
The transaction is subject to the fulfilment or waiver of certain conditions precedent, including the approval of the Competition Commission.
EasyEquities launched during October 2014 and has, to date, been funded by the earnings of the other business units operating within the Purple Group and through funding procured by the Purple Group through small capital raisings.
The rapid growth of EasyEquities has necessitated the need to seek out additional funding from a strategic partner that brings with it the necessary capital to fund the growth and development of the platform over the next 24 to 36 months.
In addition to capital, Sanlam Investments was identified on the basis that it would broaden market access through established distribution channels both locally and abroad, the company said.
Read: Turrito Networks extends SME portfolio with Redstor partnership
Loading ...