• hipages acquires 51% of VIZ Insurance, a digital-first insurance platform for Australian tradies
• Acquisition expands hipages' platform strategy and increases its total addressable market (TAM)
• VIZ provides specialised insurance products for over 85 trade occupations through its digital platform

hipages Group Holdings Ltd (ASX:HPG) has acquired a majority 51% equity stake in VIZ Insurance Pty Ltd ('VIZ'), a digital-first insurance platform purpose-built for Australian tradies, from Insurtech Gateway Australia Pty Ltd for $1.4 million. Founded in 2016, VIZ provides specialised insurance products for over 85 trade occupations through its innovative digital platform, with cover provided in as little as six minutes. The acquisition is the latest step in hipages' platform strategy to expand into strategic adjacencies, significantly increasing the Group's total addressable market (TAM) and expected to drive enhanced customer retention and accelerated revenue growth. It also provides optionality to offer insurance products to homeowner customers in the future. hipages Group receives two Board seats and strategic shareholder protections, alongside call and put options to acquire the remaining VIZ equity over four annual tranches. VIZ Executive Director Simon O'Dell will remain with VIZ following the acquisition. The acquisition was funded from the Group's existing cash reserves.

The acquisition of VIZ Insurance is expected to enable hipages to access new markets and materially increase its TAM. By adding new value-added services on its 'hipages for business' platform, the company aims to become the operating system for trade businesses, which will drive increased retention, revenue growth and cash generation, and deliver significant value for its shareholders.