Intiger Group to acquire fintech developer Complii, change name
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Struggling financial software company Intiger Group (ASX:IAM) says it has agreed to acquire Sydney-based regtech Complii Fintech Solutions in an all-scrip deal.
Complii has a platform that removes the need for paper-based compliance functions for stockbrokers and financial planners, as well as an online mortgage brokeraging service called Shroogle.
Its executive chairman is Craig Mason, the former country head of BNY Mellon Australia and the founder of third-party trade execution provider Penson Financial Services Australia.
Intiger plans to change its name to Complii Fintech Solutions following the reverse takeover and will issue another 100 million to 140 million in shares to raise an additional $5m to $7m.
Intiger operates a software house dedicated to supporting financial planners, but hasn’t had success with it. In FY2020 it recorded just $160,125 in revenue, and incurred a $1m loss.
Intiger shares have been suspended from trade since late August, having collapsed from over 7c in 2017 to around 0.1c before moving back up to 0.4c.