SYDNEY, AUSTRALIA: CountPlus Limited, Australia’s leading network of professional accounting and advice firms, has finalised terms to acquire Accurium Pty Ltd from Challenger Limited.
Accurium is Australia’s largest supplier of Self-Managed Superannuation Fund (SMSF) actuarial certificates, with circa 45% market share, providing actuarial certificates direct via an online portal or through integration with leading SMSF accounting software platforms.
The total purchase consideration is $9.00 million. CountPlus will hold an 85% shareholding in Accurium with Key Management Personnel of Accurium holding 15%, aligning with the CountPlus Owner Drive-Partner (OD-PTM) strategy.
Douglas McBirnie will become Managing Director of Accurium and it is anticipated that all current serving team members will be retained by the business.
CountPlus will fund the purchase of its shareholding in Accurium utilising a combination of cash and a bank debt facility with Westpac. The effective date of the transfer of economic rights is on completion and the investment is expected to be earnings accretive in the first year.
Challenger is to provide transitional services to Accurium for up to 12 months following completion.
The sale and purchase agreement (SPA) is subject to certain customary conditions precedent, including confirmatory due diligence by CountPlus, and customary termination events.
These “core-related” investments have a subscription style revenue or margin share style revenue, are high needs based linked to deliverables, have a B2B regulatory capability overlay and are technology enabled.
Acquisition of Wealth Axis on 28 May 2021 was the first of such core-related investments. Wealth Axis is a provider of paraplanning, administration and technology support services to financial advice firms.