Iress finalises superannuation transaction with | Australian Markets
Global fintech software program supplier, Iress, has finalised the sale of its Superannuation business to Apex Group.
In a assertion made to the Australian Securities Exchange (ASX) on Monday, Iress confirmed Apex Group had purchased the Superannuation business as per the phrases of the acquisition settlement first introduced on 20 January this yr which was for $40 million in money plus further funds of up to $20 million over 12 months subject to agreed income milestones.
The fintech additionally mentioned it will proceed to help the business’ transition for the subsequent 18 months by offering “certain services”.
“As we complete this transaction, I’d like to once again thank our people, clients and partners for their contribution to Iress during our ownership of the Superannuation business,” Iress Group Managing Director and chief government, Marcus Price, mentioned.
“Divesting the Superannuation business enhances our ability to focus on our high quality core businesses of Wealth and Trading and Market Data where we see good opportunities for organic growth and higher returns for shareholders.”
The sale follows Apex Group’s growth into the superannuation space with the institution of Apex Super final yr, in partnership with tech and knowledge platform supplier Novigi.
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