Beanstox

Azimut Group, one of Europe's largest independent asset and wealth managers, signed a definitive agreement to acquire 100% of Beanstox. Beanstox's current management team will continue to lead the business, working jointly with Azimut to scale the platform and drive the next phase of growth. When we launched Beanstox, the mission was simple: get everyday Americans off the sidelines and investing for the long-term. Read the full press release: https://lnkd.in/dGBv76Mv

A significant step forward for Azimut Group in the United States with the signing of a definitive agreement to acquire 100% of Beanstox Inc. This transaction marks Azimut’s strategic entry into the U.S. direct-to-consumer (D2C) market through the automated investment advisory app of Beanstox, a financial technology company offering an automated internet-based U.S. registered investment advisory (RIA) services through its mobile platform. The company was co-founded in 2018 by investor and 'Shark Tank' personality, Kevin O'Leary, who serves as Chairman, and CEO Connor O'Brien. The transaction is built on strong synergies, combining Azimut’s deep wealth management expertise, its proprietary ETF offerings in the U.S., and its global scale with Beanstox's innovative platform, which will serve as the digital gateway to the Group's business in the country. A strategic combination that seeks to address a significant opportunity in the United States, targeting the approximately 60% of the population, or about 120 million adult Americans, not currently investing. Giorgio Medda, CEO of Azimut Group, comments: "We are excited to work with Kevin, Connor and the team in integrating Azimut's proprietary investment capabilities and resources to enhance and further grow the Beanstox platform, providing its clients with superior value and empowering them to build long-term wealth. This move solidifies Azimut’s position as a true multi-generational, global financial platform, capable of serving clients at every stage of their lives and well-positioned to capitalize on the secular trends of digitalization and financial wellness in the world's largest wealth market." Kevin O'Leary, Co-Founder of Beanstox, said: "Beanstox lets people automatically invest an amount they can afford each week in a personalized portfolio of ETFs built by investment professionals. With Azimut’s backing, we can help many more people getstarted.” Connor O'Brien, CEO and Co-Founder of Beanstox, added: "By sharing knowledge across the Azimut Global Team, we can strengthen our offering, deliver greater value to clients and build a meaningful long-term growth business within the Group.” Read the press release: https://lnkd.in/dGBv76Mv #Azimut #AzimutGroup

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