Countplus has approved an investment of $2.15 million in Super-IP, the owner of SMSF software administration system Class Super.
While this investment will not be earnings per share (EPS) accretive to Countplus in the immediate term, the company said it represents a strategic investment which complements its accounting services business.
“I’ve followed the progress of Class closely over the last few years and have been pleased to see their success, given the important role they have played in improving efficiency in SMSF administration for accountants,” said Countplus chief executive officer Michael Spurr.
Countplus’ investment will accelerate Class’ new Super and non-Super product development, with Countplus funding this investment from borrowings.
“While we already have a long and rewarding relationship with [Countplus] as a user of our software, their addition as a shareholder allows Super- IP to more closely tap into their distribution and accountant partnerships capabilities,” said Class chief executive officer Rajarshi Ray.
In addition, Class is now cash flow positive, and has stated it intends to list on the ASX close to 2016, according to the announcement.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 May 2017ATO sheds light on LRBA reporting requirementsBy Miranda Brownlee
- 22 May 2017Software provider releases super reform-focused servicesBy Jotham Lian
- 22 May 2017ATO poised to ramp up focus on key compliance areaBy Katarina Taurian
- 22 May 2017Caution advised on ATO’s new super balance toolBy Katarina Taurian
- 19 May 2017SMSF real-time reporting slated for FY2018-19By Miranda Brownlee and Katarina Taurian
- 19 May 2017Lawyer points to benefits of AFCA for SMSFsBy Miranda Brownlee
- view all
- Software provider releases super reform-focused services
BGL has announced the release of services, designed to deal with the 2016-17 superannuation reforms, that will help clients tackle the new C...read more
- ATO poised to ramp up focus on key compliance area
With 8 per cent of funds failing to meet their lodgement obligations for the last two years at least, the ATO is set to up its compliance fo...read more
- view all