ASX-listed Iress completes sale of Superannuation business to Apex Group

ASX-listed financial technology leader Iress have completed the sale of its Superannuation business to Apex Group Ltd.

As announced on 20 January 2025, Apex Group purchased the Superannuation business for $A40 million in cash consideration plus additional payments of up to $A20 million over 12 months subject to agreed revenue milestones.

Iress Group Managing Director and CEO, Marcus Price, said, “As we complete this transaction, I’d like to once again thank our people, clients and partners for their contribution to Iress during our ownership of the Superannuation business. Divesting the Superannuation business enhances our ability to focus on our high quality core businesses of Wealth and Trading and Market Data where we see good opportunities for organic growth and higher returns for shareholders.”

Iress will continue to provide certain services for a period of up to 18 months to assist in the transition of the Superannuation business to Apex Group’s ownership.