Sequoia Financial Group has acquired its legal service provider Australian Business Structures (ABS) for a cash consideration of $2 million.
In an ASX announcement, Sequoia said the deal will be carried out through its subsidiary Docscentre. ABS has been providing NTAA Corporate and Docscentre legal documents for over 20 years.
ABS is expected to deliver an additional operating profit before tax of $500,000 per annum for Sequoia.
The deal follows two other professional services firms acquired by Sequoia earlier this year.