The trading platform is broadening its suite of services with the acquisition of Orchestra, a small but rapidly growing equity management service based in Auckland.
Orchestra specialises in providing employee share ownership plans and share registry services to private companies in New Zealand and Australia, aligning seamlessly with Sharesies’ vision of offering a comprehensive range of retail investment, wealth, business, and corporate services.
Co-founder and co-chief executive of Sharesies Brooke Roberts told state media the acquisition would enhance Sharesies’ presence in Australia but also strengthens its core business in New Zealand.
The acquisition was structured as a share swap, with Sharesies acquiring 100 percent of Orchestra shares. In return, Orchestra’s shareholders, Shane Bradley and Simeon Burnett, will receive an undisclosed number of shares in Sharesies.
Roberts said Orchestra had an impressive client base, comprising over 500 private company clients and 60,000 shareholders.
Sharesies plans to integrate Orchestra into its existing business model, particularly its Sharesies Open initiative launched last year. Currently supporting over 30 listed companies and 10,000 staff with their share schemes and shareholder communications, Sharesies aims to streamline these offerings further through the Orchestra acquisition.
The Orchestra team is set to join Sharesies’ Auckland offices imminently, with the platform continuing to operate independently for the time being. Over the next 18 months, Sharesies intends to integrate Orchestra’s functionalities into its app, providing customers with a unified platform to manage both personal investments and staff-allocated shares.
