Class acquires compliance and documentation provider

Self-managed superannuation fund (SMSF) platform provider, Class has acquired compliance and documentation provider Smartcorp for $4.2 million.

In an announcement, Class said the transaction would be completed by 20 August, 2020, and comprised of an upfront cash payment of $2.73 million on completion, plus $1.47 million in Class shares escrowed for 18 months.

Class chief executive, Andrew Russell, said: “Acquiring Smartcorp accelerates the role Class will play in the documentation and corporate compliance space.

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“Combined with NowInfinity, we will continue to build our capabilities and compelling value proposition to ensure we help all our customers manage their clients’ businesses more effectively through a comprehensive suite of services. This acquisition will also offer Smartcorp clients a broader range of products and services.”

Russell noted that the acquisition would see Class with around 10% market share by revenue.

Smartcorp was founded in 1979 and operated a platform that has delivered more than 500,000 documents to accounting, professional services firms and financial advice networks.

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