Countplus has invested $2.15 million from borrowings into Super-IP, taking a 4 per cent stake in the group which produces the self-managed superannuation fund (SMSF) software administration system Class Super.
Countplus chief executive Michael Spurr said the investment came off the back of recommendations of the Class Super software by accountants within the group, and complements Countplus' core business of accounting services.
According to a statement released to the Australian Stock Exchange, the investment will not be earnings-per-share accretive to Countplus in the near future but was a strategic investment in line with the core Countplus business.
Class said the investment by Countplus would be used to speed development of its new super and non-super products, with Class chief executive Rajarshi Ray stating that Countplus will join other institutional investors on its share register.
"While we already have a long and rewarding relationship with them 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," Ray said.
Countplus chair Barry Lambert, who holds the same role with Super-IP, was not involved in the negotiation or decision-making process for the transaction.
