Key points
- Netwealth to acquire 100% of Paradino, an AI-enabled advice workflow automation platform.
- Upfront consideration of $20 million, with additional $10 million investment planned.
- Acquisition aims to improve adviser productivity and capacity through automation.
Full summary
Netwealth Group Ltd, a leading provider of integrated platform, technology, and data solutions, has agreed to acquire 100% of Paradino, an Australian AI-enabled adviser workflow and automation technology provider. The acquisition, which includes an upfront payment of $20 million, supports Netwealth's Dx30 ambition by improving adviser productivity and capacity through the automation of key advice workflows. Paradino's technology, which includes AI-generated file notes and Records of Advice, will complement Netwealth's existing platform and data solutions, delivering significant efficiency benefits to advisers. The transaction is expected to be strategically important for Netwealth's long-term growth ambitions and adviser capability strategy.
Guidance
Paradino's EBITDA expected to be a loss of approximately $3 million in FY27
Outlook
The acquisition is expected to create Australia's leading AI-enabled wealth management and adviser productivity platform.