Hall & Wilcox advises on the $40 million sale of to HUB24
Hall & Wilcox has advised on the sale of 100% of the shares in myprosperity to HUB24.
The base consideration is $40 million, with an additional $11.5 million being subject to certain conditions and performance hurdles.
myprosperity is a leading provider of client portals for accountants and financial advisors. HUB24 is a listed wealth industry provider and supplier of the HUB24 platform, recognised as one of the fastest growing platforms in the market and one that offers choice and innovative product solutions that create value for advisors and their clients.
HUB24’s acquisition of myprosperity is expected to deliver long-term shareholder value by accelerating HUB24’s platform of the future strategy, supporting its growth trajectory and strengthening its competitive advantage to capture market share and create new growth opportunities.
The Hall & Wilcox team was led by Partner Oliver Jankowsky, supported by Special Counsel James Bull, Senior Associates Susannah Dobbie, Chris Wright and Alexandra Gallagher and Lawyer Loren Alderuccio. Partners Anthony Bradica and Michael Parker advised on the tax aspects of the deal.
Partner Oliver Jankowsky said, ‘It was very pleasing to have been there for the whole journey of incorporating the company, supporting it in its growth journey and finally being able to deliver investor returns by selling the company. Congratulations to Peter McCarthy and the other shareholders on this outstanding result’.
myprosperity Founder Peter McCarthy said, ’Thank you to the team at Hall & Wilcox for all their advice and support over the past 20 years and most recently for their advice on the sale of myprosperity to HUB24. The board and I were most grateful for the professional and commercial approach taken by Hall & Wilcox both as myprosperity grew and then also in respect of completing this sale transaction.’