The sale is the culmination of Ferocia’s successful nine-year partnership with Bendigo and Adelaide Bank, which includes the development and launch of Up, Australia’s leading digital bank. Launched in 2018, Up was the first mobile only banking platform in Australia and is now Australia’s highest rated banking app.
As announced to the ASX yesterday, Ferocia’s co-founders have entered into a Share Sale Agreement to sell 100% of the shares in Ferocia to Bendigo and Adelaide Bank. The consideration of up to $116 million will be paid in shares, with a portion of the consideration being contingent on future performance. The Ferocia team will bring their outstanding digital and technical expertise to the Bank but will continue to operate independently as a stand-alone division.
The ABL cross-practice team was led by Corporate and M&A Consultant Jane Sheridan, who advised on all commercial aspects of the transaction. Tax Partner Shaun Cartoon and Senior Associate Greg Judd advised on all tax aspects of the deal. Jane commented on the firm’s involvement: “Having acted for Ferocia and its co-founders over the last 5 years, we’re delighted to have acted for them on this key transaction, which recognises the achievements of Ferocia’s co-founders and their passionate and highly skilled team.”
In Bendigo and Adelaide Bank’s official announcement, Ferocia Co-Founder Dominic Pym said: “Our partnership with Bendigo and Adelaide Bank started with an objective to re-imagine banking. When we launched Up in 2018, we set out to disrupt the industry by building a completely different experience through a technology-led banking – not bank-led technology – approach. The launch of Up ushered in a new digital banking age through a unique fintech and bank partnership. With a vision to be Australia’s number one consumer lifestyle brand, the time is right to scale Up through a deepened relationship and new product offering from the Bank, whilst also bringing Ferocia’s expertise to the rest of the Bank’s highly engaged customer base.”
About Arnold Bloch Leibler
Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, private businesses, high-net-worth individuals and international corporations. The firm also has a dedicated public interest practice providing advice to charities and not-for-profit organisations relating to significant legal, social, environmental and cultural issues.
