OneVue, an Australia-based investment and administration platform provider, has acquired 100% of Super Managers Australia to further expand its presence in the super administration space for $5.2m.
The total consideration of the deal includes 100% of issued shares in SMA, assumption of external debt in the business of $3.6m, as well as the previous loan funds of $1.5m provided to SMA Managers by OneVue.
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As part of the acquisition, SMA will be rebranded to OneVue Super Services.
The deal is scheduled to be completed by 30 November 2015 and is expected to be EPS positive in FY 16.
SMA, which has FUA in excess of $1.1bn and more than 22,000 members, expects revenues for FY 16 on track to exceed $4m.
OneVue Group CEO Connie Mckeage said: "This acquisition will complement OneVue’s existing superannuation services. We were able to complete a thorough due diligence exercise given we have been providing management services to SMA since May 2014.
"Under OneVue’s management, significant restructuring of the business has already been completed and the business now has a pipeline of potential new clients. The business is also already fully integrated with both OneVue’s digital direct service and the recently launched LUMINOUS adviser platform."
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