CountPlus acquires Accurium
CountPlus has confirmed the acquisition of the SMSF actuarial provider as it looks to expand its core service delivery to accounting firms and SMSF professionals.
CountPlus Limited has entered into an agreement to acquire Accurium for an acquisition price of $9 million from Challenger Limited.
The company said the acquisition of Accurium, one of Australia’s leading suppliers of actuarial certificates and education services to the SMSF sector, is highly strategic and provides CountPlus the opportunity to expand its core service delivery to accounting firms and SMSF professionals across Australia.
The acquisition is the second transaction under the CountPlus ‘core-related’ strategy to invest into activities that are concerned with inputs and/or outputs in core, firm-related activities and that have a regulatory aspect or that enable/enhance core firm activities.
The Accurium acquisition announced today follows the May 2021 announcement of a 51 per cent acquisition of Wealth Axis, a paraplanning, technology and administration services business.
CountPlus will hold an 85 per cent shareholding in Accurium with Key Management Personnel holding 15 per cent, aligning with the CountPlus Owner Driver-Partner (OD-P™) strategy. Douglas McBirnie will become Managing Director of Accurium, and all current serving team members will be retained by the business.
Matthew Rowe, chief executive officer and managing director of CountPlus, said CountPlus has a strong platform to integrate and grow the Accurium business and to leverage the CountPlus competitive advantage within the accounting and SMSF administration service sector in Australia.
“Accurium sits naturally within our network and has a subscriber base of some 3,000 accounting firms and 11,000 SMSF professionals who require the efficiencies of online, automated actuarial certification and supplementary education and technical services,” he said.
“The Accurium business is an online service provider, is highly automated, using proprietary actuarial calculators. It is technology-enabled with an ability to scale up as an ageing population transition their SMSFs to retirement phase. Accurium estimates the current addressable market for SMSF Actuarial certificates is circa 140,000 funds.
“Like CountPlus, Accurium is a reputable business with a values-led team seeking to make a difference to clients. We look forward to welcoming the team to CountPlus and to realising the growth and earnings potential of the core-related Accurium business,” Mr. Rowe concluded.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
