SYDNEY: Iress Limited announced it has entered into an agreement to divest its Superannuation business to Apex Group Ltd. as part of a strategic transformation.

Iress, a software provider, will release $40 million AUD in cash upon completion, with additional payments of up to $20 million AUD over the next 12 months based on revenue milestones. The transaction is expected to close in the second quarter of 2025, pending regulatory approvals.

Marcus Price, CEO of Iress, stated, “This decision allows us to focus on our core strengths and exit businesses with a higher regulated service profile. Apex Group, a global leader in fund and asset servicing, will strengthen the Superannuation business under their ownership.”

Peter Hughes, CEO of Apex Group, added, “We are pleased to welcome Iress’ Superannuation team and clients. The Acuity platform is recognized as a market leader, and we look forward to enhancing member engagement and experience.”

Following the completion, Iress will continue to support the Superannuation business for up to 18 months during the transition.

Apex Group’s acquisition aligns with their commitment to the Australian market and the superannuation industry.