Israel-based social trading and investment platform eToro has acquired the Mike Cannon-Brookes backed Australian superannuation app Spaceship in a deal worth up to $80 million.
The acquisition will strengthen eToro's footprint in a key market for the business, eToro said on Thursday, while also broadening its product offering to include superannuation as it expands its focus into long-term savings.
Spaceship launched in 2017 and has more than 200,000 clients and $1.5 billion in funds under management. Its core offering include a choice of superannuation funds.
Spaceship's investors include Grok Ventures, the investment vehicle of Atlassian billionaire Mr Cannon-Brookes and his wife Annie.
"We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey," said eToro chief executive and co-founder Yoni Assia.
Spaceship chief executive Andrew Moore said that joining forces with eToro would allow the company to accelerate its momentum in Australia and unlock new opportunities for growth.
"We're deeply aligned with eToro's goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value," Mr Moore said.
Spaceship clients will continue to be served by the brand and will gradually gain easy access to eToro's products, investment tools and resources. EToro clients will eventually be able to sign up to Spaceship via the eToro app.
EToro was founded in 2007 and has over 38 million users in 75 countries. It is supervised by regulatory authorities including the Australian Securities and Investments Commission.
