Allfunds reaches agreement to acquire Web Financial Group
April 5, 2022 – Allfunds, a leading global B2B WealthTech platform for the fund industry, today announces that it has reached an agreement to acquire the entire share capital of Web Financial Group, SA (“WebFG”), a company and provider financial technology provider of software solutions to the wealth management industry.
Acquisition will significantly enhance Allfunds’ digital and software solutions client proposition by acquiring multi-asset and data capabilities
Allfunds strengthens its presence in key markets where it already holds strong positions: France, Germany, Spain, Sweden, Switzerland and the United Kingdom
Allfunds to acquire WebFG for a total consideration of €145m, implying a multiple on revenues1 of 6.5x. The transaction will be financed by debt financing
The deal is expected to close in the second quarter of 2022
Based in Madrid, WebFG provides bespoke digital solutions for the wealth management industry by leveraging sophisticated data management, state-of-the-art technology and industry-leading expertise, honed over 20 years. This technology will complement Allfunds’ already strong digital offering, including data and analytics that continue to bring efficiencies to the fund distribution ecosystem.
Allfunds will strengthen its platform with stronger features in multi-asset capabilities and new features in multi-data connectivity. With the integration of WebFG’s technology, Allfunds will further strengthen its bespoke solutions available to the wealth management industry and move towards an even more streamlined and efficient fund distribution ecosystem. Allfunds will strategically address the combined service offering and scalability for WebFG’s existing customer base, which includes retail banks, wealth managers, investment platforms and private banks.
As part of this investment, Allfunds will seek to integrate WebFG’s approximately 100 employees across six offices in Europe, further strengthening its global footprint in key markets such as France, Germany, Spain, Sweden, Switzerland and the UK.
The addition of the WebFG team will strengthen Allfunds’ digital expertise, further support its global infrastructure and strengthen Allfunds’ position as a leader in innovative WealthTech solutions.
Juan Alcaraz, Founder and CEO of Allfunds, said: “At Allfunds, we are completely client-centric and, with this in mind, we are always looking for growth opportunities that complement and expand our offer. We not only want to meet the needs of our clients, but anticipating them; the synergies, technology and talented WebFG team will undoubtedly enhance our value proposition and help us deliver the world-class service that we at Allfunds strive to provide.”
Julio Bueso, founder and CEO of WebFG added: “It is exciting to be part of the Allfunds business and I look forward to working together to become an even stronger WealthTech champion. Our combined experience, expertise and synergies will strengthen Allfunds’ technology, delivery and ultimately Allfunds’ service offering as a whole.”
The transaction scope excludes the media business, which was spun off in August 2021.
The transaction, which is subject to customary closing conditions including, where applicable, FDI screening approvals, will aim to close during the second quarter of 2022.
1 Based on unaudited WebFG earnings for 2021
For more information, please contact
Allfunds Media Relations
Global Head of Marketing and Communications
Tel: +34 691 369 407
Allfunds Investor Relations
Global Head of Investor Relations
+34 91 274 64 00
Important legal information
This announcement contains inside information as defined in Article 7 of Regulation (EU) No 596/2014 on market abuse and its dissemination has been authorized by Marta Oñoro, General Counsel.
Allfunds (AMS:ALLFG) is one of the leading B2B WealthTech platforms for the fund industry, offering fully integrated solutions for fund houses and distributors. Allfunds has built and continues to evolve an ecosystem that spans the entire fund distribution value chain and investment cycle, with solutions including trading and execution, data and analytics tools , RegTech, ESG screening and portfolio monitoring. It remains the only fully integrated one-stop shop in the industry.
Founded in Madrid in 2000, Allfunds now has 16 offices worldwide* covering all major financial markets*. Today it has assets under administration of almost €1.5 trillion, operations in 62 countries, has more than 2,000 fund groups and works with more than 830 distributors.
Allfunds entered Euronext Amsterdam as a listed company on April 23, 2021.
*Bogotá | Dubai | hong kong | London I Luxembourg | madrid | Miami | Milano | Paris | santiago | Sao Paulo | Singapore | stockholm | Valencia | Warsaw | Zürich
All figures as of 31.12.2021. For more information, please visit the Allfunds website at www.allfunds.com
About Web Financial Group
WebFG is a leading global independent provider of digital transformation solutions for the financial industry, backed by Bridgepoint Group Plc and Deutsche Balaton AG. Born from innovation, WebFG’s forward-thinking digital approach enables the financial services industry to realize the true power of digital transformation and stay ahead of the competition. The company’s focus and ingenuity means delivering real business advantage to financial institutions, investors and media partners around the world. The company currently has offices in Spain (Madrid), UK (London), Switzerland (Zurich), Germany (Frankfurt), France (Paris) and Sweden (Stockholm).