Jong Chung
New Quantum Holding Pty Ltd (NewQuantum), a technology company focused on developing a transformational operating system for financial services, infrastructure, and fintech, has completed stage one of its agreement to acquire 80 per cent of Morrison Securities Pty. Ltd. (Morrison) from ASX listed Sequoia Financial Group (ASX: SEQ).
The official announcement was made to the ASX this week (June 5, 2023), with the remaining 29.9% of the $40.5 million deal to be completed on or prior to August 31, 2023.
NewQuantum’s acquisition of Morrison Securities is the cornerstone of a series of transactions laying the foundation for its global growth strategy.
Upon acquiring and integrating Morrison’s market leading infrastructure offering, New Quantum plans to expand into US capital markets and develop further strategic partnerships in the Middle East, Asia, and the US.
NewQuantum CEO Jong Chung opined that achieving this important milestone is part of the methodical execution of the company’s business strategy, including rapidly integrating NewQuantum and Morrison Securities as the foundation for scale and growth.
The deal, formally signed in March 2023 with a payment of $25.5 million, continues to be funded by Beaconsfield Capital, a London-and-Boston-based technology focused hedge fund with private equity and venture capital arms.
Beaconsfield Capital Co-Founder and Chief Investment Officer, Shantanu Jha added, “As NewQuantum’s sponsor, we are pleased to have financed its acquisition of a majority interest in Morrison, one of Australia’s most storied independent brokerages, clearing, and settlement businesses.
“We hope to continue aiding NewQuantum in broadening its financial services infrastructure offerings as well as its market leading technology. We look forward to catalyzing its growth along all dimensions with the company’s ascension to the NASDAQ by the end of 2023.”
