UK-based financial services firm FNZ Group has agreed to acquire 100% of German investment platform ebase, a wholly-owned subsidiary of comdirect bank, in a deal worth around €151m.

The ebase platform was established in 2002 and taken over by comdirect in 2009. The business has a workforce of 265, and a customer base of over one million.

ebase has banks, insurance companies, asset managers and independent financial intermediaries as partners and manages nearly €31bn in assets.

Commenting on the deal, FNZ CEO Adrian Durham said: “This is an important milestone for FNZ Group and underlines our commitment to being the leader in the provision of B2B digital wealth management solutions for financial institutions and their clients in Germany and across Europe.”

Existing ebase managing directors Rudolf Geyer and Lars Müller-Lambrecht will continue to spearhead the business from its Aschheim base.

comdirect bank CEO and ebase chairman of the supervisory board Arno Walter said: “Given the current favourable market conditions and the successful repositioning of ebase, now was the perfect time for a sale.

“We will primarily use the newly acquired funds for continued development and growth in the core business. comdirect has always been a pioneer of the industry and a growth company. This is precisely where we want to make further progress.”

comdirect expects the deal to offer a “positive non-recurring income before tax of at least €85m”. The transaction is subject to regulatory nod.