Class reaches 17 per cent of SMSF market

Australian self-managed superannuation fund (SMSF) software provider, Class has recorded a total of over 100,000 billable portfolios on its cloud platform.

The announcement comes on the back of news earlier this month that Class had partnered with Depreciator to deliver data accuracy and boost depreciation schedule efficiency.

According to Class, the administration software provider has increased its billable total by 3,388 portfolios since 31 December, 2015.

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The company has been developing and delivering cloud software solutions for the Australian wealth accounting market since 2009.

Class chief executive, Kevin Bungard, said that this was a "significant accomplishment" for the company.

In terms of composition, Class said that currently it had 98,515 SMSFs on the platform, together with 1510 other non-SMSF investments administered on the new Class Portfolio product. This brings Class' share of the overall SMSF market to over 17 per cent and its total number of customers to 865.

"We're happy with the momentum of the business – the addition of 3,388 portfolios has been achieved in what has traditionally been our slowest period of the year," Bungard said.

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