The UK arm of fintech group Marygold & Co has agreed to buy Northampton-based Tiger Financial & Asset Management for £1.5m ($2.1m, €1.8m).
The deal will be paid in cash over a two-year period.
Based in Boughton, Northampton, and with approximately £42m in assets under management, Tiger Financial & Asset Management offers investment management, financial advice, pensions and protection advice.
Keith Halford, owner and founder of Tiger, has agreed to stay on for an indefinite period of time as Tiger’s manager and adviser. Halford was previously an adviser at Chase De Vere.
The transaction is expected to be completed within the next 90 days and is subject to customary closing conditions, including approval of the Financial Conduct Authority (FCA).
Marygold & Co UK is the British operation of US banking and financial services app Marygold & Co. Both are also wholly owned subsidiaries of global holding group Concierge Technologies.
It is the long term goal of Concierge Technologies and Marygold to market the app in the UK, and the acquisition of Tiger is the “first step” toward achieving that.
Nicholas Gerber, chief executive of Concierge Technologies, said: “Marygold UK was recently formed by Concierge Technologies to be the holding company for just such purposes as this acquisition.
“Tiger is a well-positioned, profitable, asset manager that we believe will be immediately accretive. We feel that Tiger perfectly fits the profile for expanding the reach of our financial services offerings beyond the US borders.”