Provider of financial software solutions DMA said Monday that it has agreed a deal to acquire an 80.1% stake in Saxo Australia from Saxo Bank, marking a significant expansion of its presence in the Australian market.
DMA Strikes Deal to Acquire Saxo Australia
Saxo Bank will retain the remaining 19.9%, with the deal subject to regulatory approvals.
Under the agreement, DMA will leverage Saxo Bank’s trading technology and platforms via a white-label arrangement for Australian clients.
The deal is expected to build on the existing partnership between the two firms in South Africa, the Netherlands, and the UK, where DMA integrates Saxo’s capabilities into its outsourced brokerage model.
DMA’s CEO, Richard North, stated, “We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients. It’ll be the best of Saxo and the best of DMA-and we think that adds up to the marketplace’s best choice for investors and partners across the entire lifecycle.”
Saxo Bank’s CEO, Kim Fournais, highlighted the partnership’s strategic value, saying, “We couldn’t be more pleased to partner with DMA as we seek to capitalise on the huge opportunity in the Australian market.”
The business will continue operating as Saxo Australia during a transition period, retaining current staff led by CEO Adam Smith. The companies have assured clients of a seamless transition with no service disruptions.
The sale comes after Saxo Bank announced a review of strategic opportunities in the Asia-Pacific region in June 2024.
