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The advice and accounting network has announced that its acquisition of Diverger is now complete.
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Count announces completion of Diverger acquisition
01 March 2024
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The deal that was first announced in September 2023 is now complete, with Count chief executive Hugh Humphrey saying it is a “pinnacle moment in the company’s 44-year history”.
“This acquisition resets the structure of wealth management advice in Australia, creating a leading diversified financial services company,” Humphrey said.
“The network now represents over 590 accountants, in excess of 550 financial advisers and a greatly expanded suite of services. Combined revenues for FY23 exceed $129 million and the group has funds under advice (FUA) of $29.9 billion.
“Through the Diverger acquisition, Count's firms and their clients will access benefits through a range of exciting new services and investment options, including technical support, tax training, separately managed accounts (SMAs) and IT services.”
According to the CEO, the expansion of its services segment was an important strategic driver for the acquisition, specifically through adding Knowledge Shop, TaxBanter and Priority Networking to Count’s existing Accurium and Solutions Centric businesses.
“The addition of the CARE SMA portfolios and the supporting client-centric advice processes provide new growth opportunities,” Humphrey said.
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“There are material scale benefits that come from being one of Australia’s largest integrated accounting, wealth and services providers, including the ability to secure better rates on platforms, insurances, technology and research services.”
He added that the expanded group represents a new chapter for Count that enables it to offer “high-quality, holistic financial services to more clients in Australia”.
“As an industry leader and one of the largest professional advisory businesses in Australia, Count can give more Australians access to the advice they need to have the confidence to look ahead,” Humphrey said.
The deal was initially announced in September 2023, with Count noting it would acquire 100 per cent of the issued shares in Divergerv by way of a scheme of arrangement that values Diverger at $45.3 million.
“We believe every Australian should be able to access professional accounting and advice services from a trusted source, which in turn gives them the confidence to look ahead,” Humphrey said at the time.
“Diverger has a strong cultural fit with our company and the combination is expected to unlock material benefits for all stakeholders as well as positioning us to lead further consolidation.”
Count announced in February that the Federal Court made orders approving the scheme of arrangement for its acquisition of Diverger.
This marked the final step required for the acquisition to go ahead after Diverger shareholders voted in favour of the scheme in January.
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