Platform Transact moved a step closer to floating as it appointed Patrick Snowball as non-executive chairman of its holding company IntegraFin Holdings.
The appointment removes one of the key impediments to Transact launching an initial public offering in 2018 as current executive chairman Mike Howard will step aside in order to meet corporate governance guidelines that stipulate a listed company should have a non-executive rather than an executive chairman.
Howard, who was one of the founders of Transact, will continue to be an executive director on the IntegraFin Holdings board.
Snowball has previous experience in leading a listed company in the pension and investment sector: he was chief executive of Australian business Suncorp Group for six years. Before moving down under he also led Aviva's life and general insurance business in the UK.
New Model Adviser® first revealed Transact's intention to float in 2015. Since then the company has put a number of changes in place to ensure the business is ready to float around 25% of its share capital next year.
Snowball said Transact has was well-placed 'in an attractive market segment' of the UK. 'Taking it to a listing and beyond will be an exciting opportunity,' he added.
Transact's latest set of financial statements covering the year ending 30 September 2016 recorded a pre-tax profit of £20.8 million.