London-headquartered wealth manager Shard Capital has agreed to acquire a 50% stake in Dublin-based investment platform Omnium, which is a tech solution for financial advisers in Ireland.
The deal is subject to regulatory approval from the Central Bank of Ireland.
Shard said that the deal gives the firm “access to a strong digital platform as well as access to new markets with a regulated entity to springboard its plans for expansion within Ireland and the EU”.
In turn, the investment from Shard Capital will enable Omnium to accelerate its growth plans and capitalise on the demand for its digital platform over the last year.
‘Fantastic opportunity for expansion’
Toby Raincock, Shard Capital chief executive, said: “Shard Capital and Omnium are both client-focused, solutions-led businesses and our combined entrepreneurial spirit and agility will ensure we are well-placed to create innovative solutions for clients
“Shard and Omnium’s partnership represents a fantastic opportunity for expansion for both organisations and provides us with the ideal platform to expand our offering across both Ireland and the EU27.”
Christopher Ovenden, chief executive of Omnium, added: “The demand for our digital platform has shot through the roof in the last 12 months where we have seen five years of digital transformation take place in one year.
“By working with Shard Capital, we will be able to accelerate our enhanced offering to clients in Ireland and the EU, as well as extend the range of services we provide.”
The financial terms of the deal were not disclosed.