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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

Qualcomm Incubated Gimbal Acquired by The Mobile Majority

Purchase price not disclosed, however, represented xx trailing twelve months revenue.

With explicit consumer permission, Gimbal gathers and analyzes location signals derived from over 125mm U.S.-based mobile phones as these consumers navigate their daily lives. Gimbal’s platform captures instances where the phone is in proximity to over 2 million locations in the U.S., using both geofences and Bluetooth beacons. These location-derived consumer insights are used by consumer brands, retailers, advertisers, app publishers, venues and out-of-home networks to inform and tailor their marketing interactions with consumers.

Gimbal’s SDK (software development kit) allows for the collection of the location signals and is used by over 250 mobile app publishers who publish 600 mobile apps. Their SDK is passive, highly phone battery efficient and always-on in the background, allowing continuous monitoring of phone location.

Customers and partners include Shazam, Ruckus Wireless, Touchtunes, RetailMeNot, Dunkin’ Donuts, the Cleveland Cavaliers, and Accuweather. Competitors include Foursquare, PlaceIQ, NinthDecimal and xAd.

The San Diego-based company was conceived and incubated within Qualcomm before being spun out in May 2014. Post-spinout, the company received $26.25M in funding from investors including Qualcomm, i-Hatch Ventures, Ajax Partners and Jonathan Kraft.

According to BIA Kesley, location-targeted mobile ad sales are expected to rise from $9.8 billion in 2015 to $29.5 billion by the end of 2019, a 24.6% compound annual growth rate. Although mobile search is still expected to dominate most of that ad spend, we expect to see that dynamic change as advertisers have more diverse ways of delivering location-specific ad or marketing campaigns, such as triggered push notifications and in-app advertisements.

Gimbal’s physical world network and trove of location data can augment The Mobile Majority’s Audience Collective and AdSynergy platform with a better understanding of consumer behaviors, location history, demographics, etc.

The Mobile Majority will be able to charge a higher CPx due to its ability to now offer more highly targeted ad campaigns and better audience segmentation to its clients.

The Mobile Majority also gets the ability to offer location-triggered ads and measurable attribution.

Gimbal also offers a widely proliferated app SDK that will increase TMM’s mobile presence.
Gimbal brings a technical team deeply experienced in proximity marketing and data monetization.