Upon completion of the acquisition, the combined companies become one of Australia’s top wealth management software, data, and technology providers
Class customers can rest assured that business as usual continues and we remain committed to providing the best possible service to them.
Class is now a subsidiary of HUB24 Limited, a leading provider of integrated platforms, technology and data solutions for financial professionals and their clients. HUB24 delivers innovative product and technology solutions to empower better financial futures, together.
Here are some general FAQs to help you understand what this means for you, our customers.
What was the announcement today regarding Class & HUB24?
Today’s announcement confirms the completion of the acquisition of Class Limited (ASX:CL1) by HUB24 Limited (ASX: HUB).
Refer to the full ASX announcement.
A warm welcome to Jason Entwistle as Interim CEO
HUB24’s Director of Strategic Development, Jason Entwistle has been appointed as Interim CEO and Managing Director of Class reporting to Andrew Alcock, the CEO and Managing Director of HUB24.
Jason has held various pivotal roles that have contributed to the strategic growth of HUB24 since 2007 and is currently the executive responsible for the Group’s strategy. He has successfully led several acquisitions undertaken by HUB24 and over the last few months has been working with the team at Class to finalise this acquisition.
Given his extensive experience in financial services and strong track record of leading teams to deliver market-leading product solutions, Jason is well-positioned to lead the Class business through the transition period whilst a selection process is undertaken to appoint a permanent CEO and Managing Director.
During this time Jason will work with the Class team to develop additional strategies that leverage the combined capabilities of the Group to provide compelling, efficient and valuable solutions for new and existing customers.
Who is HUB24?
HUB24 an ASX200 listed provider of integrated platforms, technology and data solutions for financial professionals and has a market cap of approximately $1.9 billion (as of 11 February 2022). The company consists of the award-winning HUB24 platform, HUBconnect business, Xplore platform and now Class. HUB24 offers advisers and their clients a comprehensive range of investment options, including market-leading managed portfolio solutions, and enhanced transaction and reporting functionality. As one of the fastest growing platforms in the market, the platform is recognised for
providing choice and innovative product solutions that create value for advisers and their clients. HUBconnect focuses on leveraging data and technology to provide solutions to common challenges for licensees and advisers and enable the delivery of professional advice to more Australians.
Like Class, HUB24 has a strong record of innovation and is an award-winning investment platform that helps financial advisers grow and run their practice.
Why is HUB24 acquiring Class?
The acquisition of Class accelerates HUB24’s ‘platform of the future’ strategy and consolidates the Group’s position as a leading provider of integrated platforms, technology and data solutions for financial professionals.
It also aligns to the Group’s purpose of ‘empowering better financial futures, together’ by leveraging our collective capability to deliver innovative product and technology services and solutions that add value for our clients and solve key challenges in the delivery of advice for both new and existing customers.
Our combined businesses can now benefit from increased scale, capabilities, product offering, distribution reach and technology resources
You can also read more via their announcement available on their Investor relations website.
What does this mean for Class customers?
Class will continue to be run as a business unit as part of the HUB24 Group, with the same people you have come to trust and know over the years. Furthermore, we will continue to invest in our platform and products to ensure there is no impact on how we service and support our customers today. That applies to Class as well as our corporate compliance and legal documentation business, NowInfinity.
What does this mean for NowInfinity and the recent acquisition of Topdocs?
Class will continue to operate as a businesses unit, as part of the HUB24 Group and as a result, there will be no impact on customers. The recent acquisition of Topdocs and the migration of customers to NowInfinity will continue as planned. The growth of our corporate compliance and legal documentation business remains a key strategic priority.
What does this mean for existing partners of Class?
Class remains fully committed to its partnering strategy and Class customers will continue to have access to a range of partners.
Any sponsorship commitment with our partners remains in place and continues as planned.
