Sharesies acquires Orchestra
Online sharetrading platform Sharesies has acquired Orchestra, an Auckland startup providing private companies with investor solutions.
Orchestra launched in 2020 after crowdfunding platform Snowball Effect teamed up with Neighbourly and GrabOne founders Casey Eden and Shane Bradley, to create a stakeholder management platform for companies wanting to streamline investor relations.
Orchestra's shareholders include Bradley, Snowball Effect, Sir Stephen Tindall’s angel investment apparatus K1W1 and former Spark boss Simon Moutter.
Orchestra describes itself as an equity management platform for private companies wanting to distribute ownership. Its features include employee share schemes, share registers, secondary share trading, dividend distribution and an investment tracking app.
Since launching, it has been used by more than 500 companies and 60,000 shareholders across NZ and Australia.
Sharesies' acquisition was a scrip transaction, with all Orchestra shareholders receiving shares in Sharesies.
The acquisition is Sharesies' first and part of its business-to-business growth strategy.
Co-founder and co-chief executive Brooke Roberts said the acquisition accelerated Sharesies’ growth into Australia, as well as its core business in New Zealand.
Simeon Burnett, an Orchestra cofounder and director, said teaming up with Sharesies allowed it to serve a greater range of businesses in Australasia.
Orchestra chief executive Luke Smith will be part of the Sharesies senior management team. Burnett and Bradley will become shareholders in Sharesies, but step down as directors of Orchestra.