Australia-based investment platform HUB24 (ASX:HUB) will acquire myprosperity, a provider of client portals for financial advisers and accountants, for $40M of HUB24's shares.

The deal is expected to be completed before June 30, 2023.

HUB24 plans to integrate myprosperity with its own custodian platforms and develop a single client portal across its range of products and services, which it says will strengthen its market position and drive new growth opportunities.

The company's share price is up 2% the past month.