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The valuation of cloud-based financial advice and investment management platform DASH has surged 59 per cent within nine months, translating to a $14.7 book value windfall for major listed backer Bailador Technology Investments (ASX: BTI).
Bailador has today revealed that DASH has signed binding legal documentation with a new investor at a valuation 59 per cent higher than its current equity investment. A spokesperson for DASH says the company is not yet in a position to reveal further details on the raise.
But because Bailador's investment in the Sydney-based company is split between $25 million in equity and a $5 million in debt, its blended increase will stand at 49 per cent.
"DASH has made very pleasing progress since we invested 12 months ago. This new investment and valuation uplift is a reflection of that progress," says Bailador co-founder and managing partner David Kirk.
"Pleasingly, the business has put in place strong foundations for future growth and is well positioned in the wealth management industry which benefits from attractive tailwinds."
Bailador also notes that DASH now has $18 billion in funds under advice (FUA) on its platform, which compares to $10.6 billion in October last year when Bailador announced a $5 million top-up to its holdings plus the debt arrangement.
At the time DASH had already entered into a binding share purchase agreement to acquire fellow Sydney-based company Integrated Portfolio Solutions (IPS), which upon completion in late 2024 lifted FUA to more than $15 billion.
DASH, which is known for its end-to-end technology solution that helps enhance advisory practice productivity, was formed by the merger of Wealth02 and ROAR software joining forces in April 2022.
Earlier this year the company announced IPS co-founders Darryl Johnson and Mark Papendieck had been appointed in the roles of chief platform officer and chief commercial officer respectively.
"There’s no doubt 2024 was a huge year for DASH and seeing these two high calibre individuals join our executive team to help steer and execute on our strategy is great news," DASH CEO Andrew Whelan said at the time.
"Darryl and Mark bring considerable expertise and experience with them. Following the acquisition of Integrated, we are of course committed to continuing to deliver the services and outcomes that Integrated’s clients expect, while also leveraging the best of both the DASH and Integrated worlds to deliver meaningful benefits for all clients."
BTI shares are up 3.85 per cent in early trading at $1.08, although this level is still below their price of $1.20 at the start of 2025.
In April BTI shares fell almost 13 per cent in one day to below the $1 mark after revealing a 1.2 per cent decline in net portfolio returns post fees and tax, and an 8.2 per cent drop in shareholder returns, even though dividends have risen.
"Bailador is well capitalised ($80 million in cash and marketable securities at time of writing) and has franking credits for over five years at the December 2024 dividend rate," co-founders David Kirk and Paul Wilson said in the April update.
"The dividend policy is well-structured, and designed to be a stable and reliable smoothing of returns.
"We consider capital appreciation of our investment portfolio will continue to be the primary source of future investment growth for shareholders."
As at December 2024, Bailador's portfolio companies had a combined revenue of $498 million that was growing at 42 per cent year-on-year, with a "very high percentage of sticky, recurring revenue".
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