Fintech firm knowIt Group has purchased financial planning consulting business Strategy Steps.
The sale includes the transition of Strategy Steps' online advice tool Desk Caddie to knowIT. The tool, which was purchased by Strategy Steps from Deutsche Asset Management in 2010, helps develop financial planning strategies, offers regulatory updates and tips to maximise business opportunities in client reviews.
The current team of Strategy Steps will maintain the content of the online tool for six months.
knowIT CEO Wayne Wilson said: "There is no other product like Desk Caddie in the market, and it has no direct competition. It is used by major financial institutions with 73 corporate clients. It is already used by 4000 advisers in Australia but there is still opportunity to embed Strategy Steps more deeply into the wealth advice market.
"knowIT intends to redevelop the technology and reach of Strategy Steps to build deeper penetration into the wealth sector as well as to lead the company into new industry segments."
The sale will allow former owners of Strategy Steps- Louise Biti and Assayat David- to focus on the expansion of aged care advice solutions unit.
"In selling Strategy Steps to knowIT, we are confident it is in the care of a group that has the experience, knowledge and ability to maintain the high levels of strategic analysis that our clients have come to expect as well as further improve and expand the range of services," David said.