Bendigo Bank (ASX:BEN) acquires Ferocia for tech expansion

Company News

by Lauren Evans

Bendigo and Adelaide Bank (ASX: BEN) has acquired 100 per cent of shares in the internet banking and software company Ferocia. 

The acquisition aims to allow Bendigo and Adelaide Bank to advance its banking app "UP", further develop its digital ecosystem and bring online skillsets and innovation to the bank. 

Bendigo funded $116 million in shares to complete the acquisition, despite an initial purchase price of $106 million. The remainder is contingent on future performance. 

The initial purchase price of $106 million was adjusted for working capital to $102.2 million, with 10,002,606 Bendigo shares issued today

Shares in Adelaide and Bendigo Bank (ASX:BEN) are trading 0.1 per cent higher at $10.06.

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