- Chant West Holdings (CWL) has completed the sale of its financial planning software service business, Enzumo
- The company sold Enzumo for $1.5 million in cash to Centrepoint Alliance
- Additionally, the company has taken Zenith Investment’s subsidiary, CW Bidco, to court
- The court hearing follows CW backing out of its purchase of Chant West’s superannuation research and consultancy business
- The legal proceedings are expected to be heard in the Supreme Court in late July
- Chant West is down 1.23 per cent on the market this afternoon and is selling shares for eight cents each
Chant West Holdings (CWL) has completed the sale of its financial planning software service business, Enzumo.
The company sold Enzumo for $1.5 million in cash to Centrepoint Alliance. Chant West believes this sale had the best interest for shareholders.
The deal was announced earlier this month and now has already been completed.
Centrepoint provides advice and business services to financial advice firms throughout Australia.
“We are pleased to welcome the entire Enzumo team into the Centrepoint Group,” Centrepoint CEO Angus Benbow said.
“Our cultures are very complementary and the Enzumo offer will broaden the technology solutions and services that Centrepoint Alliance already provides to financial advisory businesses around Australia, whether they are licensee groups, self-licensed advisers or our own authorized representatives,” he added.
Chant West
In February, the company announced it was going to sell its superannuation research and consultancy business, Chant West, to Zenith Investment subsidiary, CW Bidco, for $12 million.
However, CW Bidco dropped the deal due to the coronavirus outbreak. Chant West is now taking them to court over the deal.
The legal proceedings are expected to be heard in the Supreme Court in late July.
Chant West is down 1.23 per cent on the market this afternoon and is selling shares for eight cents each at 12:01 pm AEST.