AFG as announced its second major acquisition of the week, with the aggregator set to purchase broker software business BrokerEngine.
The deal will see AFG brokers gain access to BrokerEngine’s workflow management platform, with the new system set to integrate into the aggregator’s existing tech set up.
AFG has acquired 70% of BrokerEngine, with an option to increase to 100% in the next two years based on performance criteria.
The news comes fresh on the back of AFG’s purchase of Fintelligence, a specialist asset finance aggregator, earlier this week. That deal also saw AFG take a majority stake with the option to buy outright.
BrokerEngine will continue to operate as a separate business in the marketplace, with AFG providing financial backing to help their growth.
“We are committed to taking a leading role in supporting brokers with the most sophisticated technology platforms to help them be more efficient, grow their businesses and offer their customers outstanding experiences,” said AFG CEO David Bailey.
“With 67% of Australian mortgages now being originated by mortgage brokers, BrokerEngine provides solutions which save brokers time and helps them manage their business. At the same time, the technology provides an efficient and compelling customer experience.”
“Our distribution network will offer an expanded market opportunity for BrokerEngine, while AFG brokers will benefit with an even deeper integration with AFG’s new technology platform.”
“When we became aware of the opportunity to invest, we quickly realised it was one we wanted to pursue. AFG brokers currently using the platform value the technology. It is well advanced and by far the best workflow tool in the Australian broker market.”
