Company’s Marygold & Co. (UK) Subsidiary Enters Agreement to Acquire U.K.-Based Tiger Financial & Asset Management Limited
San Clemente, Calif., August 17, 2021—Concierge Technologies, Inc. (OTC: CNCG), a diversified global holding firm, today announced that its newly formed subsidiary in London, England, Marygold & Co. (UK) Limited, has entered into a share purchase agreement to acquire all the outstanding shares of Tiger Financial & Asset Management Limited for £1.5 million (approximately $2.1 million U.S.), plus liquid assets, to be paid in cash over a two-year period following the closing date.
Based in Boughton, Northampton, England, and with approximately £42 million (approximately $59 million U.S.) in assets under management, Tiger Financial & Asset Management’s core business is the management of clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles.
The transaction is expected to be completed within the next 90 days and is subject to customary closing conditions, including approval of the U.K. Financial Conduct Authority (“FCA”).
“Marygold UK was recently formed by Concierge Technologies to be the holding company for just such purposes as this acquisition,” said Nicholas Gerber, CEO of Concierge Technologies, “Tiger is a well-positioned, profitable, asset manager that we believe will be immediately accretive. We feel that Tiger perfectly fits the profile for expanding the reach of our financial services offerings beyond the U.S. borders.”
Concierge Technologies’ wholly-owned subsidiary, Marygold & Co., is completing the development of a banking and financial services app in the U.S. for sending, receiving, spending and saving securely through mobile devices. The app will have no fees for users, and interest will be earned on all FDIC-insured deposits, with no minimums or credit checks required. It is the long-range goal of Concierge Technologies and Marygold to market the app in the U.K., and the acquisition of Tiger is the first step toward achieving that goal.
Matthew Parden, the recently appointed CEO of Marygold UK, said, “I am delighted that we have inked our first transaction with a quality company such as Tiger. Keith Halford, owner and founder of Tiger, has agreed to stay on for an indefinite period of time as Tiger’s manager and advisor. I look forward to working closely with Keith and his team and I am confident that we have great opportunity to grow the existing business and soon to introduce new offerings to existing and prospective clients, including Marygold’s mobile app.”