IIFL Wealth Management Limited to Acquire Alitore Advisors Private Limited
Deepthi | Myequity news | Date : 23-09-2018 19:00:00 IST
IIFL Holdings Ltd’s wealth management subsidiary i.e. IIFL Wealth Management Limited ("IIFLW") has entered into an agreement with Altiore Advisors Private Limited ("Altiore") and its shareholders on 22 September 2018 to acquire 100% of the paid share capital of Altiore, at a consideration of INR 9.2 Crore. Upon completion of terms and conditions inter alia stated under the agreement, Altiore will become a wholly owned subsidiary of IIFLW and its employees will become part of IIFLW, entitled to agreed employment benefits. Altiore acquisition will bring on board a highly qualified team led by founder Vivek Banka, providing an immediate boost to technology capabilities of IIFLW, especially on the client facing side. About Alitore:
Altiore is a Bangalore-based boutique fintech company and has created a niche for itself in the financial services space with a one of a kind software that integrates held-away assets of clients which are with various advisors, in a singular report, and proves analytics to aid financial decisions for clients as well as relationship managers. About IIFL Hodlings Limited:
IIFL Holdings Limited is an Indian diversified financial services company headquartered in Mumbai. The organisation was founded by Nirmal Jain. IIFL and its group companies are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government's private equity arm. IIFL is ranked among the top seven financial conglomerates in India and as the top independent financial services firm in India in terms of market capitalization.