Iress offloads super business to Apex
Financial services software firm, Iress has entered into a binding share sale and purchase agreement to divest its superannuation business to Apex Group.
Iress said the transaction is structured to release $40 million in cash consideration on completion plus additional payments of up to $20 million over 12 months subject to agree revenue milestones.
It said the decision to divest the Superannuation business followed a strategic review as part of the company’s transformation program which determined it was not a natural owner of a regulated superannuation provider.
The announcement follows Apex Group last year establishing Apex Super as part of a partnership with data and technology platform provider, Novigi.
Commenting on the transaction, Iress chief executive, Marcus Price said the company had streamlined its operation to focus on its core strengths in software delivery.
“Apex Group is recognised as a global leader in the provision of fund and asset servicing to regulated financial services businesses,” he said.
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