Trading platform Sharesies is expanding its business-to-business services. Photo: RNZ / Rebekah Parsons-King
Trading platform Sharesies is expanding its business-to-business services with the purchase of a small, fast growing Auckland-based equity management service.
Orchestra offers employee share ownership plans and share registry services to private companies in New Zealand and Australia, which fit with Sharesies' ambition to offer a full range of retail investment, wealth, business and corporate services.
Sharesies co-founder and co-chief executive Brooke Roberts said Orchestra accelerates Sharesies' growth into Australia, as well as its core business in New Zealand.
Sharesies bought Orchestra by way of a swap of shares, which saw it take 100 percent of Orchestra shares, while Orchestra shareholders, Shane Bradley and Simeon Burnett, will receive an undisclosed number of shares in Sharesies.
Roberts said Orchestra's services were used by more than 500 private company clients and 60,000 shareholders, and counted Sharesies as one of its clients.
"We've used Orchestra at Sharesies for several years and love how it helps our shareholders and team stay informed about their holding at any given time," she said, adding that Orchestra aligned with its Sharesies Open business, which launched last year.
"We already support more than 30 listed companies and 10,000 staff with their staff share schemes and shareholder communications."
Roberts said Orchestra's team will be moving into Sharesies Auckland offices next week, but its platform will continue to operate as usual.
"Over the next 18 months, it'll merge to become part of the Sharesies app experience, allowing customers to see their personal investments and staff-allocated shares all in one place."