Iress agrees to sell superannuation business to Apex Group
20 January 2025 Australia
Image: Shutterstock
Iress has entered into a binding agreement to sell its superannuation business to Apex Group.
The deal is structured to release AU$40 million (US$25 million) in cash consideration upon completion. Then there will be additional payments of up to AU$20 million over 12 months, subject to agreed revenue milestones.
Following completion, Iress will continue to provide services for a transitional period of up to 18 months.
The decision to divest was made as although Iress says it could have continued delivering software to superannuation funds, it was not the natural owner of a regulated superannuation services provider.
Iress Group CEO, Marcus Price, says: “As part of our transformation, Iress has streamlined its operations to focus on our core strengths in software delivery and to exit businesses with a higher regulated service profile. Apex Group is recognised as a global leader in the provision of fund and asset servicing to regulated financial services businesses.”
This follows Apex Group establishing Apex Super — its Australian superannuation business in partnership with data and technology platform provider Novigi.
Peter Hughes, Apex Group founder and CEO, adds: “The Acurity platform is well recognised as a market leader, and we look forward to building on this ensuring readily available access to data and flexibility in order to support clients to increase their efficiency, scale and value to members.”
The deal is structured to release AU$40 million (US$25 million) in cash consideration upon completion. Then there will be additional payments of up to AU$20 million over 12 months, subject to agreed revenue milestones.
Following completion, Iress will continue to provide services for a transitional period of up to 18 months.
The decision to divest was made as although Iress says it could have continued delivering software to superannuation funds, it was not the natural owner of a regulated superannuation services provider.
Iress Group CEO, Marcus Price, says: “As part of our transformation, Iress has streamlined its operations to focus on our core strengths in software delivery and to exit businesses with a higher regulated service profile. Apex Group is recognised as a global leader in the provision of fund and asset servicing to regulated financial services businesses.”
This follows Apex Group establishing Apex Super — its Australian superannuation business in partnership with data and technology platform provider Novigi.
Peter Hughes, Apex Group founder and CEO, adds: “The Acurity platform is well recognised as a market leader, and we look forward to building on this ensuring readily available access to data and flexibility in order to support clients to increase their efficiency, scale and value to members.”
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