COG Financial Services has announced its acquisition of EasiFleet, a salary packaging and novated leasing business, for $40 million. The buyout, executed through COG’s salary packaging subsidiary Paywise, is valued at six times EasiFleet’s financial year 2024–25 earnings, post-synergies. COG Financial Services operates in the financial services sector, providing services to the equipment finance, insurance and finance broking industries. Paywise specialises in salary packaging solutions for employees.
According to COG chief executive Andrew Bennett, the acquisition positions Paywise with contracts across several state and territory governments, including Western Australia, Tasmania, Queensland, Northern Territory, and the ACT. This expanded coverage allows the group to offer novated leasing and salary packaging services to a substantial segment of the Australian public sector workforce.
The purchase of EasiFleet is expected to be completed on or before September 20. The acquisition is aligned with COG’s strategy to grow its presence in the salary packaging market and enhance its service offerings to government and public sector employees.
The company anticipates that the acquisition will contribute positively to its future financial performance and strengthen its position in the competitive financial services landscape.
