Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
This follows Apex’s completion of the acquisition of Iress’ superannuation business last week, having first been announced in January. The decision to sell, Iress said in January, formed part of a broader strategic review amid its transformation program, which concluded that it was not the “natural owner” of a regulated superannuation services provider.
Last year, Apex Group formed its own Australian super business – Apex Super – in partnership with Novigi.
In light of the deal, over 100 specialised superannuation consulting and technology services consultants have joined Novigi, bolstering its total headcount to nearly 400 people.
Apex said the combination of Apex Super with Novigi’s operating model would bring together capabilities to build, deploy and operate technology solutions.
Ash Priest, chief executive at Novigi, said: “The transaction is an integral component of our growth strategy, demonstrating our commitment to strategic and sustainable growth. Our collaboration with Apex Super has been a highlight of Novigi’s growth trajectory and we’re excited about the future.
“As the data and technology partner to the superannuation and wealth management industry, Novigi needs to provide leading services at scale around the most relevant technologies for the sector. The highly regarded Acurity software suite is deeply embedded in the wealth management sector, and this transaction enhances our ability to meet growing market demand with unparalleled expertise.”
Nicholas Happell, regional managing director for Asia-Pacific at Apex, said: “This latest transaction ensures that the acquisition of Iress’ superannuation business will deliver the best results for the industry. By dividing the business in this way, each entity focuses on its core competencies.
“Apex Super will leverage its global expertise to deliver the Acurity core and peripheral product development and leading administration services, supported by Novigi’s proficiency in managing and improving the underlying technology stack and services.
“We will also work together to develop our combined software applications into a market-leading ecosystem, with the end result being simpler service and increased technology investment, improving the experience for all software users, administration clients and members.”
Earlier this year, Iress stated it had completed its transformation program which was first announced in April 2023 and covered six areas:
- Structure for accountability and improved performance.
- Reset the costs and asset base, including headcount reduction and asset realisation.
- Refocus on the core of wealth management, trading and market data, and superannuation.
- Manage portfolio for value.
- Finish technology uplift, including transition to platform architecture and cloud optimisation.
- Build a new business.
