Old Mutual acquires 22seven
Personal financial management company, 22seven has announced that it has been acquired by Old Mutual.
Cape Town based 22seven is now wholly-owned by the long-term savings, protection and investment group, the company said in a statement.
According to 22seven, its current team will remain the foundation of a group that will expand over time, and the team will stay in their Cape Town office.
The news confirms an earlier report by BusinessTech, in which a well-placed source informed BusinessTech that the two companies were in talks.
Old Mutual provides financial services through a partnership with Nedbank and Mutual & Federal – two sister subsidiary companies under the Old Mutual group banner in South Africa.
The group already has a stake in the personal financial management tool market through Nedbank’s My Financial Life platform.
“We’re excited about the acquisition,” said Old Mutual’s Strategic Marketing Director, Carlton Hood.
“22seven brings energy, innovation and world-class capability to our global digital strategy, and has already helped so many people change the way they think about money.”
“Old Mutual is serious about helping people realise their goals, a huge part of which is helping them to understand their financial decisions better. 22seven gets that, and does it brilliantly.”
Christo Davel, CEO of 22seven, said that the company was “fired up” about the deal.
“We’re fired up about where we can now take 22seven, and I don’t just mean geographically,” he said.
“We’ve always had big plans for our service, and what we think it’s capable of doing. With Old Mutual’s support, the evolution and enhancement will happen much faster.”
Christo Davel
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