OneVue acquired an online education platform for both financial advisers and consumers as part of a wider strategy to better connect the advice and funds management industries with investors.
OneVue has bought digital distribution and education platform No More Practice Education. NMP's consumer-facing television series, The Investment Series, is included in the acquisition.
OneVue chief executive Connie Mckeage said the agreement forms part of the fund administration and platform provider's wider strategy to bring advisers, investors and fund managers closer together.
The NMPE platform has more than 20,000 registered users from the advice and accounting industries, as well as more than 12,000 direct consumer subscribers.
"No More Practice Education creates a solid foundation from which to deliver additional value to fund managers, investors and advisers," Mckeage said.
"As Australia's largest provider of managed fund administration we are constantly challenging ourselves on how we might do things better. We are committed to helping fund managers reclaim their voice in the industry...We want fund managers to be proud of what we create to help educate the market and we want advisers to have greater access to quality information so they can, in turn, deliver greater value to their own clients."
No More Practice Education founder and chief executive Vanessa Stoykov described the sale as an enormous stride forward in making pensions irrelevant for Generation X and beyond.
"To reach more people, we needed scale and access to technology. OneVue provides both. More importantly, however, we share a vision of how we can create greater opportunity for investors to access professional advisers and fund managers at lower cost and with greater transparency," she said.
Stoykov will take on a consulting role with OneVue as well as oversee NMPE editorial. NMPE managing director Marcus Field will now head up group marketing for OneVue.
The sale is initially valued at $1.1 million in non-contingent payments, a $1 million contingent payment in September 2018, and an additional three contingent payments totaling up to $2.9 million based on anticipated revenue growth in FY19, FY20 and FY21.
OneVue also completed its purchase of KPMG Australia's superannuation member administration business this week, bringing its funds under administration to more than $4 billion.