Acquisition | Jan 23, 2024
Italian-based financial software provider Objectway Group aquires Nest Wealth Holdings Inc., a pioneering Canadian fintech company.
This acquisition, which includes Nest Wealth Asset Management Inc. and Nest Wealth Solutions Inc., marks a strategic expansion for Objectway.
Objectway is a Global Top 100 Fintech provider of as-a-service software and services to banks, wealth and asset managers with over 30 years of business expertise, providing software services to over 200 banks and wealth and asset managers worldwide. The acquisition is seen as a significant milestone in Objectway’s growth and global expansion strategy, aiming to broaden its market presence in North America and enhance its service offerings in Europe, the Middle East, and Africa to become a trusted end-to-end global partner in the wealth management industry.
See: Canada’s Top FinTechs: Deloitte’s 2023 Fast 50
Nest Wealth, established in 2014 as a robo-adviser, quickly became a key player in Canada’s online wealth management sector. To stay competitive, Nest Wealth diversified its offerings, including launching Nest Wealth Pro for financial advisers and acquiring Razor Logic Systems for enhanced financial planning capabilities. Today, with more than 10 years of market leadership and innovation, Nest Wealth offers digital wealth solutions for onboarding, account opening, and financial planning. Its client base includes some of the largest financial institutions in Canada, such as banks, custodians, asset managers, wealth management firms, individual advisors, and direct-to-investor investment management services.
The Deal
- The financial specifics of the deal, including the return on investment for the National Bank of Canada, which held minority shares in Nest Wealth, have not been disclosed.
- Nest Wealth’s founder and CEO, Randy Cass, described the deal as attractive for all shareholders, noting that it was completed at a higher valuation than previous funding rounds.
- Post-acquisition, Randy Cass and all 80 employees of Nest Wealth will continue with the company.
- There are no immediate plans to change the Nest Wealth brand, although the global presence of Objectway might influence future branding decisions in North America.
See: What’s Driving Wealth Management Trends for 2024
Randy Cass, Nest Wealth Founder and CEO:
“We are thrilled to join the Objectway Group, an innovative and highly respected company with a proven track record in the industry. This will accelerate our expansion across the North American region, and open up additional market opportunities in EMEA. In Objectway, we have found the perfect partner, giving our employees and customers continuity, stability and an exciting future of continuous development to solve their problems.”
Outlook
This acquisition is expected to elevate the fintech ecosystem in Canada, providing advanced financial solutions tested globally. For Objectway, it represents an opportunity to enhance its wealth and investment management offerings in North America and potentially in the EMEA region.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/italian-objectway-group-acquires-nest-wealth-holdings-inc/
