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.
“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.