February 25, 2026 -- Salter Brothers is pleased to announce that SB SPV No.1 Pty Ltd (IPSI), a private equity investment, has been acquired in full by Commonwealth Bank of Australia (CBA).

The transaction represents a compelling outcome for investors, reflecting a strong premium to carrying value. It marks a significant return for Salter Brothers Emerging Companies Limited (ASX:SB2) and the first portfolio company exit for the newest launched equity product, the Salter Brothers Tech Fund.

Gregg Taylor, Head of Equities at Salter Brothers and Non-Executive Chairman of IPSI commented that “we are pleased with this outcome for IPSI and for our investors. Since our investment, IPSI has evolved into a highly differentiated, enterprise-grade payments platform. This transaction recognises the quality of the business that has been built, the strength of its management team, and the strategic value of its technology. We believe CBA is the right long-term home for IPSI.”

A strategic investment by the Salter Brothers Equities Team

In December 2022, the Salter Brothers Equities team established and was the lead investor for a special purpose vehicle (SB SPV No.1 Pty Ltd) created to acquire the IPSI business. At the time of investment, the team identified a compelling opportunity to back a differentiated payments technology platform operating in a market undergoing structural transformation.

Salter Brothers’ investment thesis centred on IPSI’s advanced payments orchestration architecture. The platform had been purpose-built as a merchant-aligned optimisation layer, enabling intelligent routing, secure tokenisation and real-time transaction performance across acquiring partners. The technology is regarded to be high quality and aligned with global shifts toward greater merchant control and infrastructure-level optimisation.

From the outset, the Equities team adopted a hands-on ownership approach. Working closely with management and the Board, Salter Brothers strengthened governance, stabilised the balance sheet and prioritised disciplined investment in product delivery and commercial execution.

As part of this process, the leadership team was augmented, including the appointment of a new Chief Executive Officer with deep industry experience drawn from the Salter Brothers network. This strengthened executive capability complemented a highly capable core technology and product team whose expertise formed the foundation of the platform’s competitive advantage. With improved financial footing and renewed strategic clarity, the business was positioned to focus on execution and long-term value creation.

Over the subsequent three years, IPSI evolved into an enterprise-grade payments infrastructure platform aligned with regulatory developments and growing merchant demand for intelligent payment optimisation.

Robert Salter, CEO of Salter Brothers added, “This sale represents a great outcome for both our institutional and HNW investors. Further, it validates the origination and execution capabilities of Salter Brothers in the unlisted space and showcases the value add from Gregg and the broader Equities team.”

Importantly, as at completion,100 per cent of IPSI employees have accepted roles with CBA as part of the transaction. This outcome reflects the strong cultural and strategic alignment between the organisations, the quality of the team that has been built, and the collaborative nature of the transaction process.

Mark Luton, CEO of IPSI said “following the announcement that IPSI is now part of the CBA family, I wanted to acknowledge and thank those who’ve helped bring us to this exciting chapter.

First, our incredible IPSI team; your commitment, resilience and belief in what we’re building have made this possible. Consider yourselves `Legends’.

Second, to our Board, thank you for your steady guidance, the right balance of support and challenge, and very good humour along the way.

Finally, to Gregg Taylor and the Salter Brothers team; you saw potential in the business and backed us. Thank You.”