Iress finalises superannuation transaction with Apex Group

Global fintech software provider, Iress, has finalised the sale of its Superannuation business to Apex Group.

In a statement made to the Australian Securities Exchange (ASX) on Monday, Iress confirmed Apex Group had bought the Superannuation business as per the terms of the purchase agreement first announced on 20 January this year which was for $40 million in cash plus additional payments of up to $20 million over 12 months subject to agreed revenue milestones.

The fintech also said it would continue to assist the business’ transition for the next 18 months by providing “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 executive, Marcus Price, said.

“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 expansion into the superannuation space with the establishment of Apex Super last year, in partnership with tech and data platform provider Novigi.