Class acquires Topdocs

Mike Taylor

Managing Editor/Publisher, Financial Newswire

9 August 2021

Specialist self-managed superannuation funds and wealth technology solutions business, Class has announced its acquisition of Topdocs.

The company announced the Topdocs acquisition move at the same time as releasing its results to the Australian Securities Exchange (ASX) revealing record operating revenue of $54.9 million and a 15% increase in underlying earnings before interest, tax depreciation and amortisation of $21.9 million.

The company noted that its acquisition of Topdocs followed on from last year’s acquisition of NowInfinity and claimed that the company now had now become the clear market leader in the corporate compliance sector.

It said that following the Topdocs acquisition, Class now had more than 7,700 customers and trusted relationships with 81 of the top 100 Australian accounting firms.

The directors announced a fully franked dividend for the second half of 2.5 cents per share.

Commenting on the result, Class chief executive, Andrew Russell said it had delivered significant growth over the past two years and was on track with its transformation program.