Listed technology group Iress will sell its superannuation administration business to Apex Group, a company that offers a range of financial services and solutions.
In an ASX announcement on Monday, Iress said it decided to divest because it does not see itself as the “natural owner” of a regulated super services provider.
It came after another major incumbent super administration provider, Link Group, was taken off the listed market via an acquisition by Japanese finance giant MUFG last year.
The two groups have entered a binding agreement, where Apex will pay $40 million for the business in cash and up to $20 million over 12 months subject to revenue. The sale is expected to be completed in the second quarter of 2025 with Foreign Investment Board approval.
Iress will continue to provide certain services for a transition period of up to 18 months.
Apex Group established its superannuation business, Apex Super, in partnership with Novigi in 2024.
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