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Swyftx Acquires Caleb & Brown
Swyftx Acquires Caleb & Brown

Transaction Overview

On July 1st, 2025, Swyftx, one of the largest Australian cryptocurrency exchanges, announced a definitive agreement to acquire Caleb & Brown, a high-net-worth-focused crypto brokerage, for an undisclosed amount.

 

Target: Caleb & Brown

Caleb and Brown is a Melbourne-based, high net worth focused crypto brokerage that specializes in personalized trading services across the digital asset landscape. Caleb & Brown focuses on the relationship model used successfully across traditional  financial services – every client that comes onto their platform gets assigned a broker to assist them in executing trades  and handling all customer service needs. Caleb and Brown’s core services include 1) Brokerage Services, which provide personalized 24/7 trading support for 250+ digital assets, 2) an OTC Desk, which provides high volume trading solutions with deep liquidity and competitive pricing, 3) the Caleb and Brown Asset Management, an actively managed crypto asset fund for accredited investor, 4) crypto custody. 

 

The business has more than AUD $2 billion of digital assets under custody and was founded by Rupert Hackett and Dr. Prash Puspanathan in 2016. C&B is led by CEO Jackson Zeng and has 64 team members across both Australia and the US. Caleb & Brown has not raised any outside capital. 

 

Architect Partners’ Observations

Architect Partners acted as the exclusive financial advisor to Caleb & Brown. 

 

Swyftx’s acquisition of Caleb & Brown marks the largest acquisition targeting high net worth crypto investors. It also reflects two important shifts in the evolution of crypto exchanges, particularly within the ANZ region.

 

First, high-net-worth client service is becoming a strategic differentiator. Exchanges are beginning to recognize that personalized brokerage and deep client relationships offer a competitive advantage while greatly reducing attrition. This is a model that high-net-worth clients are accustomed to in their financial lives. Caleb & Brown’s approach, which assigns a dedicated broker to every client, stands apart from the high-volume, low-touch models that dominate the market. Swyftx gains access not only to clients but also to an established business model that emphasizes trust, service, and retention in a way few crypto exchanges have pursued.

 

Second, this is a milestone moment for ANZ crypto M&A. While there have been many plays for global expansion by exchanges, this is the first of its kind in Australia moving into the US, signaling that the region is entering a more active phase of market maturity. 

 

We believe this transaction will serve as a catalyst for further strategic activity to expand globally and to augment services as companies seek differentiation in both product and customer segments.

 

Strategic Rationale

Swyftx is acquiring Caleb & Brown to expand into the United States via C&B’s regulatory framework, and to acquire the relationship model inherently required with a higher-tier customer base. This acquisition will grant Swyftx entry into the U.S. 12 to 24 months faster than otherwise possible organically. Furthermore, the acquisition diversifies Swyftx’s primarily retail client base to include 25k+ high net worth individuals in numerous countries. 

 

“Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential.” – Jason Titman

Euromoney Institutional Investor PLC acquires Relationship Science (RelSci)

On May 21st, 2021, Euromoney announced the acquisition of RelSci. Architect Partners was the exclusive financial advisor to RelSci in this transaction.

Relationship Science offers enterprise, nonprofit, and consumer customers deep insights into millions of organizations and their decision makers. Their solution includes aggregation of a client’s relationship data with RelSci’s internal database, automatic relationship mapping, AI-based news and business alerts, and insights on pathing to decision makers. Their people data offering is exceptionally broad with over 10 million people and 1.8 million organizations tracked on their platform that ranges from public companies, law firms, investment banks, and more. The company has over 600 large enterprise clients that consist of financial institutions, law firms, nonprofits, and corporations. RelSci’s relationship mapping is based on data science that scores how well a user should know a particular target, not on user-generated connections like LinkedIn.

RelSci competes with other people data providers including LinkedIn’s Sales Navigator, BoardEx (acquired by Euromoney), Introhive, Equilar, Intapp, WealthEngine (acquired by Euromoney), and Wealth-X (acquired by Euromoney).

Founded in 2011, by Neal Goldman, founder of Capital IQ, Relationship Science is based in New York City and is currently led by CEO Domenic Graziosi, who was previously the Director of Data Products at Capital IQ. The company received venture funding from a variety of well-known investors including Henry Kravis, William Ackman, Ken Langone, Salesforce, and many others.

Founded in 1969, London based Euromoney is a leading provider of data and market intelligence to businesses. With 2,000 employees globally, Euromoney has trailing twelve-month (TTM) revenues of $431 million between their three divisions: pricing, data & market intelligence, and asset management. Euromoney has an enterprise value of $1.6 billion resulting in an EV / TTM revenue multiple of 3.7X. Euromoney’s data & market intelligence segment accounts for $190 million (44%) of their total revenue.

Euromoney has acquired ten other companies in the last five years, with their four most recent acquisitions focused around the theme of people data aggregation. These four people data acquisitions include WealthEngine, Wealth-X, BoardEx, and The Deal, for a cumulative price of $122 million.

While financial data has been effectively captured by large companies such as Capital IQ and Dunn & Bradstreet, people data is typically unstructured and therefore has always been much more difficult to capture. RelSci set out in 2011 to tackle this challenge and invested heavily in technology to build the gold standard in people data collection and presentation. With Euromoney’s financial support and broader distribution, the combined companies will be able to extend their competitive advantage in the people data space.

A prime use case for people data is in CRM and sales automation tools, automating the manual process of figuring out “who does our organization know at customer X and who has the warmest path for an introduction”? RelSci had built integrations into Saelesforce.com and Microsoft Dynamics 365.

This transaction represents another example of Architect Partners’ legacy of strategic M&A for data and data analytics clients.

Over the past few years, Euromoney has become a leader in the people data market through their five acquisitions in the space (including RelSci). Their acquisition of RelSci will give them access to proprietary relationship mapping software, automated collection tools, and a broader set of people and organizational data. RelSci also nicely extends Euromoney’s data & market intelligence business unit.