Diverger has completed a 100 per cent acquisition of licensee support business AFSL Compliance.
In an update to the ASX on Thursday morning, Diverger said the acquisition provides a client base of 160 self-licenced advice firms, as well as supplementing the company’s growth trajectory towards FY25 targets.
Established in 2010, AFSL Compliance provides support to advice firms that hold their own licence or are looking to obtain one.
The initial purchase will be for $1.37 million with two further payments of $685,000 paid in 12 and 24 months, subject to performance targets. A potential third pay out of $600,000 in 36 months is subject to meeting an earnings uplift.
AFSL Compliance business principal Stewart Chandler will remain in the business.
