SYDNEY, AUSTRALIA: Prime Financial Group (ASX:PFG) has entered into an agreement to acquire 100% ownership of Intello Pty Ltd, a market leading B2B Self-Managed Superannuation Fund (SMSF) Administrator providing services to Accountants, Financial Advisers and their clients across Australia.

Approximately 10% ($2.8 million) of Prime’s FY22 revenue was generated through the SMSF service line. The Intello acquisition will enhance this by adding an expected additional $3.0 million of annualized revenue which would take the SMSF service line revenue to approximately 20% of group revenue.

Upon completion of the acquisition Prime will gain a complimentary and capable team plus excellent technology to continue to enhance its services for its B2B Accounting and Financial Adviser clients.

Prime Financial Group Chairman and Managing Director, Mr Simon Madder, said “Our goal is to double group revenue over three years to $50 million, (FY22: $26 million) through organic and inorganic activity, and enhance capability across our existing service lines being Accounting & Business Advisory, Wealth Management, Corporate Advisory & Capital, plus SMSF Administration services. The Intello team will serve to accelerate this development and we look forward to warmly welcoming them to our group.”

Intello CEO Kevin Nicol says, “The relationship we have developed over the years with Prime means we know they have similar values focused on their people and their clients. For me, it is important that our clients can retain their relationships with our team, to maintain continuity. Our staff and clients will be in safe hands, managed by industry leading professionals.”

It is proposed that Nicol will continue to support the Intello team and clients for a period of 12 months.

Prime Financial Managing Director for SMSF, Ms Olivia Long, says “The acquisition is a critical step in our ambition to be the premier B2B SMSF administrator in Australia over the next five years. On completion of the acquisition, it is anticipated we will provide services to almost 4,000 SMSF accounts, a number we are looking to grow significantly”. Long goes on to say “Intello is a perfect fit for us with the leaders of Prime having known Kevin for more than a decade. We appreciate we have the same values when it comes to client servicing and building loyal and dedicated business teams. A significant bonus is that we both use Class software.”