HUB24 to acquire myprosperity to strengthen its position

HUB24 Limited (ASX: HUB), an Australian financial services company, has agreed to acquire 100% of myprosperity Pty Ltd, a client wealth portal provider, for AU$40 million in shares. As per the agreement, HUB24 may issue additional HUB24 ordinary shares worth up to AU$11.5 million, based on specific conditions and performance targets.

The acquisition of myprosperity will further HUB24's "Platform of the Future" strategy, allowing the company to offer a unified client front-end across its portfolio of brands, including HUB24, Class, NowInfinity, and HUBconnect. This move will not only reinforce HUB24's competitive edge but also support the company's growth aspirations by expanding its market share and identifying new growth opportunities. myprosperity is a market-leading client wealth portal with an established client base and capability, and its acquisition will reinforce HUB24's 1st position in the market.

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