Teaminvest Agrees to Buy Intelligent Investor for $16M to Enter Retail
TIP enters binding agreement to acquire Intelligent Investor from InvestSMART
Teaminvest Private Group Limited (ASX: TIP) has entered into a binding term sheet to acquire the Intelligent Investor business from InvestSMART Group Limited (ASX: INV) for $16 million in cash, less pre-paid subscriptions and other contractual liabilities. The transaction includes management rights to four Intelligent Investor exchange traded funds (ETFs) and remains subject to a number of conditions precedent, including INV shareholder approval and fund unitholder approval.
Post-acquisition, Intelligent Investor is intended to become TIP’s primary direct-to-consumer retail brand, complementing its existing wholesale and institutional operations.
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What Intelligent Investor brings to TIP
A subscription business with sticky, recurring revenue
Founded in 1999, Intelligent Investor operates an investor newsletter and stock research business built on a direct-to-consumer model. As at Q3 FY26, the business counts approximately 7,000 paid subscribers and 272,000 free active subscribers, with an average revenue per user (ARPU) of approximately $660.
Paid subscriber numbers have declined from 10,811 in FY21 to 7,011 in FY25, reflecting a contraction in volume over the period. However, ARPU has partially offset this decline, fluctuating between $479 and $656 across FY21 to Q3 FY26 rather than following a linear path. FY26 forecast subscription income stands at $4.6 million, with revenue described in the announcement as sticky given the direct-to-consumer marketing model underpinning both divisions.
Four active ETFs with $280 million in funds under management
Alongside its subscription service, Intelligent Investor manages four ASX-listed active ETFs:
- Intelligent Investor Select Value Share Fund (ASX: IISV)
- Intelligent Investor Equity Growth Fund (ASX: IIGF)
- Intelligent Investor Ethical Share Fund (ASX: INES)
- Intelligent Investor Australian Equity Income Fund (ASX: INIF)
Combined funds under management (FUM) across all four ETFs stood at $280 million as at Q3 FY26. FY26 forecast management fee income, excluding performance fees, is $2.85 million. Performance fees represent additional upside rather than a guaranteed income line; IISV recorded a performance fee of $669,000 in FY25 ($233,000 in FY24; $161,000 in FY23).
The table below summarises Intelligent Investor’s financial profile across recent periods. FY26F figures are unaudited management estimates and have not been reviewed by InvestSMART’s external auditor or by TIP.
| Metric | FY24 | FY25 | FY26F | Notes |
|---|---|---|---|---|
| Subscription Income | $4.8m | $4.8m | $4.6m | Direct-to-consumer model |
| Management Fee Income | $2.9m | $2.9m | $2.85m | Excludes performance fees |
| Combined Revenue | — | — | ~$7.45m | FY26F unaudited estimate |
| EBIT | — | — | $2.7m–$2.9m | FY26F unaudited estimate |
Why this acquisition fits TIP’s investment thesis
TIP’s three-vertical investment house model
TIP operates as an ASX-listed investment house structured around three distinct verticals:
- Education and Advice: investment banking, consulting, and advisory services to wholesale and institutional clients
- Funds Management: direct-to-consumer wholesale and institutional capital
- Own Balance Sheet: strategic minority and majority investments in public and private equities
Each vertical is driven by proprietary, research-led insights. TIP’s track record across these areas is material to understanding the strategic fit: the company reports a 24-year track record of market outperformance in education and advice, a 10+ year track record in funds management, and an average 3.1x money on invested capital (MOIC) return in private equity.
Intelligent Investor extends this research-driven compounding model into the retail segment, a channel TIP has not previously served at scale.
The strategic logic — retail distribution without cannibalisation risk
TIP’s existing brands serve wholesale (High and Ultra High Net Worth) and institutional clients. Intelligent Investor targets a materially different audience: retail investors seeking accessible, value-oriented stock research. This distinction is central to TIP’s rationale, as it allows the group to add retail distribution capacity without competing with its own existing client base.
Post-acquisition, TIP intends to position Intelligent Investor as its primary direct-to-consumer retail brand, sitting upstream of the existing ecosystem as an education, engagement, and investment entry point. The brand will remain distinct from TIP’s institutional-facing operations to preserve trust and minimise cannibalisation risk. A shared value investing philosophy across both organisations provides the cultural and methodological alignment to support integration. The transaction is expected to be accretive.
TIP Managing Director and CEO Andrew Coleman
“Intelligent Investor has been the premier retail focused value investing brand for well over 20-years… We at TIP are excited to work with the wonderful team of analysts, journalists and staff to change the lives of even more Australians through access to quality investing research and commentary.”
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Key conditions and next steps
Completion of the proposed transaction remains conditional on the satisfaction of a number of factors:
- No material adverse change in respect of Intelligent Investor
- Satisfactory completion of due diligence by TIP
- Execution of long-form transaction documentation
- TIP obtaining finance on acceptable terms
- InvestSMART shareholder approval at an extraordinary general meeting (EGM)
- Receipt of all required regulatory approvals
- ASX confirmation that it will not require INV to re-apply for admission to its official list
INV notes that, although it is confident in the conclusion of a deal, the proposed transaction remains conditional and that no transaction may eventuate.
INV Managing Director and CEO Ron Hodge
“The sale of Intelligent Investor will allow InvestSMART to focus on growing its wealth advice business through the InvestSMART platform, technology tools for investors with the addition of financial advisers.”
Investors should monitor announcements from both TIP and INV regarding EGM timing and fund unitholder approval, as these represent the key near-term milestones for transaction completion.
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