CEO: Wealth Access aggressive growth options could include strategic-sale
Summary
NOTWITHSTANDING the fintech sectors recent surge in M&A deals, Wealth Access Inc. founder David Benskins acknowledgement that selling his firm to a strategic bidder could become a legitimate exit option for the company and its owners could be nothing more -- and nothing less -- than the sort of "fiduciary statement" by which board and management often make clear that the companys owners remain open to all hypothetical liquidity options. Fiduciary comments serve many important purposes, of course, including routinely reaffirming managements duties of care and loyalty to the company and its shareholders, while showing no more than perfunctory interest in an actual deal. Meanwhile, well have to wait and see how much appetite for growth and independence there is among Wealth Accesss founder and other owners, including board members long known for their acumen, grit and patience in other settings. The firm now typically licenses the Wealth Access solution for banks and advisors, providing them a branded native app via the GooglePlay and Apple stores. That transaction is valued at about $500MM, according to WealthManagement.com Asked about Wealth Accesss current competitors, Benskin mentioned Mint (owned by Intuit) and HelloWallet, which was acquired in 2017 by KeyBank, after an extended partnership run.
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