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Findex looks to apply model overseas

03 February, 2015

Media Release

Findex Group Chief Executive Officer Spiro Paule has revealed plans to expand the Group’s existing business model to overseas markets. With a strong focus on corporate culture and best of breed business practices, the Findex Group is in a competitive position to grow and diversify on a broader, more global scale. The extract below, taken from Financial Observer, provides insight into these future organisational plans.
Financial services company Findex Group has revealed plans to launch its acquire-and-integrate business model in overseas markets as one of its near-term goals for 2015. 

Findex chief executive Spiro Paule said very few other businesses in the wealth and accounting space had successfully completed similar roll-ups or consolidations. 

“We’re seen as being quite unique because we’ve become an integration specialist – taking up small firms that used to operate in little silos of small business and making them a whole,” Paule told financialobserver. 

“That’s a specialised skill that many people can’t do. 

“And we take a scale-play attitude to our current position, and we’re likely to take a global approach to this as well.” 

He said the group should have strong application in overseas markets. 

“We’re looking to take our business model and extend it overseas in the near term,” he said. 

“If it works well here, it can probably work well in any other market, because most around the world are far less regulated than ours and their compliance standards aren’t even as high. 

“Not that we’re going to water down our compliance, but we’re saying that if we can be really successful in a very strong compliance market, we should be even more successful in one that doesn’t have those hurdles.” 

On 6 January, Findex announced it had formally assumed control of the Crowe Horwath businesses in Australia and New Zealand, following the 98.25 per cent shareholder vote to accept the offer. Crowe Horwath was delisted from the ASX on 7 January and became a wholly-owned subsidiary of Findex Group.

It is the largest business within the group in terms of staff, turnover and geographic spread. 

Its addition brings the group’s wealth advisory business's funds under advice to over $15 billion, making it the largest privately owned advisory business in Australia. 

“Crowe Horwath is a strong business and strong brand with enormous unrealised potential,” Paule said at the time. 

“Like Findex, it has grown through the merger and acquisition of smaller firms. 

“We are confident the combination of the Findex Group culture, systems and process plus our track record of successfully acquiring and integrating businesses means our prospects for success are excellent.” 

Crowe Horwath is the largest provider of small-to-medium enterprise accounting services in Australasia and comprises over 2600 staff in 110 offices across Australia and New Zealand.
View the published article here.