MUFG Pension & Market Services (MPMS) has entered into a binding agreement to acquire GROW Technology Services, a fintech superannuation administration platform whose core product is built on distributed ledger technology. The Australian Financial Review reported the price at around AUD 78 million (US$56 million), roughly a third of GROW’s valuation a year earlier. The deal remains subject to regulatory, shareholder and court approvals.
GROW’s flagship product DLTA runs on R3’s Corda Enterprise blockchain. The platform uses the distributed ledger as a shared registry, giving all parties to a transaction access to a single source of truth for fund and investor data. No single party can alter a record without consensus from others in the network and privacy is preserved.
The Corda connection is notable because MUFG, through a separate division, founded Progmat, Japan’s largest tokenized securities platform. Progmat ran on Corda until completing a migration to Avalanche last month. While MPMS and Progmat sit in different parts of the MUFG group, the overlap means MUFG has deep institutional familiarity with the technology underpinning GROW’s platform.
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