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Australia's FinClear to acquire Dion's core technology assets, targets IPO

Australia-based equities clearing firm FinClear Pty. Ltd. is considering listing on the Australian Securities Exchange in 2019 as it agreed to purchase almost 100% of Dion Global Solutions Pty Ltd.'s core technology assets, The Australian Financial Review reported Sept. 4, citing FinClear Managing Director David Ferrall.

Under the deal, FinClear will acquire two technology products including a post-trade processing system and a trading management and platform system used by planners, advisers and stockbrokers.

The acquisition also includes Dion Australia's local assets, including intellectual property, 20 employees and contracts with financial institutions. Terms of the deal were not fully disclosed.

Ferrall noted that the deal "ensured the continuity" of FinClear's technology systems and brought with it important commercial relationships with large financial institutions.

In addition, the company will embark on a pre-IPO capital raising and tap existing backers to help fund the acquisition.