Purple Group Limited, the company that owns EasyEquities, has signed an agreement to acquire Australia-based Telescope AI. <\/p>\n\n\n\n
Purple Group said that Telescope AI’s technology already reaches more than 3 million investors across 7 countries and 13 languages through platforms such as the IG Group and CMC Markets.<\/p>\n\n\n\n
The deal is worth up to US$10.75 million (about R175 million) and marks a new era for the two companies that have worked together since Telescope’s founding. <\/p>\n\n\n\n
AI Baskets, which has been one tool in Telescope\u2019s suite, has been live with EasyEquities clients since 2024 and has been used to build more than 5,000 baskets. <\/p>\n\n\n\n
The deal brings the full Telescope suite and the team behind it into Purple Group for deployment across the group’s entire product stack. <\/p>\n\n\n\n
This includes retail investing, retirement funds, fractional property and crypto. Purple Group CEO Charles Savage said that the deal will lead to three outcomes. <\/p>\n\n\n\n
“Acceleration of our product ambitions across all product verticals. Greatly improved customer experiences at every touchpoint,” said Savage. <\/p>\n\n\n\n
“And the discovery, implementation and execution of new product verticals that will come from leveraging our combined distribution, data, team capabilities and AI at scale.”<\/p>\n\n\n\n
Luc Pettett, Telescope founder, will join Purple Group as Chief AI Officer and will lead AI initiatives across the Group. He will also continue to lead Telescope as CEO with a minimum five-year commitment. <\/p>\n\n\n\n
Telescope will still operate independently, with the same team, products and global partnerships. <\/p>\n\n\n\n
“Joining forces with Purple is a wonderful fit that ultimately gives our partners and end-users better AI capabilities,” said Pettett.<\/p>\n\n\n\n
“Rapid deployments across millions of investors give us immediate feedback on which solutions drive value, and that learning accelerates what we build for every partner.”<\/p>\n\n\n\n
Completion of the deal is subject to approval from the South African Reserve Bank\u2019s Financial Surveillance Department and customary closing conditions, expected in the ordinary course.<\/p>\n\n\n\n
Purple Group’s most recent results showed revenue up 8.8% to R258.5 million and profit before tax up 33.3%. <\/p>\n\n\n\n
The group has over 3 million registered clients, 1.3 million of them active, with R100 billion in assets on a platform built over more than a decade. <\/p>\n","protected":false},"excerpt":{"rendered":"
Purple Group is buying Telescope AI from Australia in a deal worth around R175 million, as the the EasyEquities-owner looks to implement AI at scale.<\/p>\n","protected":false},"author":95,"featured_media":866209,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2076672251529764940","_sma_x_attempts":1,"footnotes":""},"categories":[9872],"tags":[16787],"class_list":["post-866206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-purple-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/866206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=866206"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/866206\/revisions"}],"predecessor-version":[{"id":866215,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/866206\/revisions\/866215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/866209"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=866206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=866206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=866206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}