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The Wealthtech platform Allfunds has announced that it has reached an agreement to acquire the entire share capital of Web Financial Group, for an amount of 145 million euros (121 million pounds sterling).

Web Financial is a European financial technology company and provider of software solutions for the wealth management industry.

Allfunds was one of the companies that took an interest in Nucleus before James Hay took it over.

The acquisition of Web Financial will significantly enhance Allfunds’ digital and software solutions client proposition by acquiring multi-asset and data capabilities.

It will also enable Allfunds to strengthen its presence in key markets where it already holds strong positions: France, Germany, Spain, Sweden, Switzerland and the United Kingdom.

The transaction is expected to close in the second quarter of 2022.

Based in Madrid, Web Financial provides bespoke digital solutions for the wealth management industry leveraging data management, technology and expertise – honed over 20 years.

This technology will complement Allfunds’ already strong digital offering, including data and analytics, which continue to bring efficiencies to the fund distribution ecosystem.

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Allfunds will strengthen its platform with stronger features in multi-asset capabilities and new features in multi-data connectivity.

With the integration of Web Financial’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 Web Financial’s existing customer base, which includes retail banks, wealth managers, investment platforms and private banks.

Founder and Managing Director of Allfunds, Juan Alcaraz, said: “At Allfunds, we are completely client-centric and, with this in mind, we are always on the lookout for growth opportunities that complement and expand our offering.

“We not only want to meet the needs of our customers, but anticipate 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.

Web FINancial Founder and CEO Julio Bueso added, “It’s 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 the 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.