BGL supports DomaCom crowdfunding initiative

SMSF administration software provider BGL is backing DomaCom’s bid to acquire the Kidman Station pastoral holdings by informing clients about the opportunity to invest.

BGL partner SelfWealth, an online peer-to-peer investment community, is also behind the bid, according to DomaCom.

DomaCom chief executive Arthur Naoumidis said the support from BGL is a great example of innovative businesses co-operating in the financial services industry.

“Coming into the Kidman bidding six months late means a successful bid is a long shot, but with partners such as BGL and SelfWealth believing in our model and helping to promote it, we may actually succeed,” said Mr Naoumidis.

“If we do, it will be the world’s largest successful crowdfunding campaign, quite fitting for the world’s largest cattle property.”

BGL Corporate Solutions managing director, Ron Lesh, said BGL supports innovation and DomaCom’s development of a solution that breaks down high-cost assets such as property into small chunks to give investors access to assets they normally could not buy.

DomaCom reported that nearly 4,000 people had expressed interest in investing up to $55 million in the bid to secure the vast pastoral holdings which comprise 17 properties and three supporting properties in breeding, feedlot and cropping.

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