Private equity firm Sargon Capital has agreed to purchase 100% of the issued shares in Australian fintech firm Decimal Software.
Decimal has taken the decision for the sale after a strategic review, which determined that the proposal is superior to other available options.
As part of the agreed terms of the deal, Decimal shareholders will be entitled to receive 1.41 cents in cash for each share held.
The deal has received unanimous recommendation from the Decimal board and is expected to close in December this year, subject to shareholder and court approval.
The deal is also subject to the evaluation of an independent expert, who will assess if the deal serves the best interests of Decimal shareholders.
Decimal chairman Mark Potts added: “A unanimous decision was made by the Board at the conclusion of a thorough and comprehensive process into finding the best commercial outcomes for the Company.
“In Sargon, Decimal has a partner that shares our vision for the future of digital advice products and is prepared to work closely with the Decimal team, within an evolving regulatory framework, to realise that vision for the benefit of our current and future clients.
“Most importantly, Sargon brings deep technology and operating experience across trustee services, and a well-capitalised balance sheet that will allow Decimal to further penetrate the market and continue to build out its product offering.”