eToro
announced today (Thursday) it has agreed to acquire Australian investing app
Spaceship in a deal valued at up to AUD 80 million ($55 million).
eToro Acquires Spaceship in $55 Million Australian Expansion
The
acquisition aims to bolster eToro’s presence in Australia while expanding its
long-term savings offerings globally. Spaceship, founded in 2017, has amassed
over 200,000 clients and manages more than AUD 1.5 billion AUD ($1 billion) in assets through
its superannuation funds and managed investment portfolios.
“Spaceship
and eToro share the goal of making investing accessible for everyone,”
said Yoni Assia, CEO and co-founder of eToro. “We are expanding our
long-term savings and investing proposition for our users globally and this
acquisition is a key step on this journey. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
The deal
marks eToro’s first major move into the long-term savings and investing space, and the company is signaling intentions for further acquisitions in this area. Founded in 2007, eToro currently serves over 38 million registered
users across 90 countries.
Following the acquisition, Spaceship will continue to operate under its own brand. The
companies plan to integrate their offerings, allowing Spaceship clients access
to eToro’s investment tools and educational resources, while eToro users will
be able to utilize Spaceship’s superannuation and managed funds.
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating
our momentum in Australia and unlocking new opportunities for growth,” Andrew
Moore, CEO of Spaceship, added. “We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
The
acquisition is subject to regulatory approvals and customary closing
conditions. Financial terms were not disclosed beyond the maximum potential
value of AUD 80 million (up to $55 million).
eToro
announced today (Thursday) it has agreed to acquire Australian investing app
Spaceship in a deal valued at up to AUD 80 million ($55 million).
eToro Acquires Spaceship in $55 Million Australian Expansion
The
acquisition aims to bolster eToro’s presence in Australia while expanding its
long-term savings offerings globally. Spaceship, founded in 2017, has amassed
over 200,000 clients and manages more than AUD 1.5 billion AUD ($1 billion) in assets through
its superannuation funds and managed investment portfolios.
“Spaceship
and eToro share the goal of making investing accessible for everyone,”
said Yoni Assia, CEO and co-founder of eToro. “We are expanding our
long-term savings and investing proposition for our users globally and this
acquisition is a key step on this journey. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
The deal
marks eToro’s first major move into the long-term savings and investing space, and the company is signaling intentions for further acquisitions in this area. Founded in 2007, eToro currently serves over 38 million registered
users across 90 countries.
Following the acquisition, Spaceship will continue to operate under its own brand. The
companies plan to integrate their offerings, allowing Spaceship clients access
to eToro’s investment tools and educational resources, while eToro users will
be able to utilize Spaceship’s superannuation and managed funds.
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating
our momentum in Australia and unlocking new opportunities for growth,” Andrew
Moore, CEO of Spaceship, added. “We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
The
acquisition is subject to regulatory approvals and customary closing
conditions. Financial terms were not disclosed beyond the maximum potential
value of AUD 80 million (up to $55 million).
This post is originally published on FINANCEMAGNATES.
