Iress' superannuation consulting business changes hands

Iress' superannuation consulting and managed service business - part of the broader superannuation division - was acquired by Apex Group last week and has now been sold to data and technology firm Novigi.

As part of the transaction, Novigi scooped up over 100 specialised consultants, taking its headcount to nearly 400.

Apex regional managing director for Asia Pacific Nicholas Happell said that dividing the business in this way allows each entity to focus on its core competencies, ensuring that the acquisition of Iress' superannuation business will "deliver the best results for the industry."

Apex Super will spearhead Acurity's product development and administration services, while Novigi manages the underlying technology stack and services.

The two firms will also collaborate to develop their combined software applications into a "market-leading ecosystem," Happell said.

He said this will result in "simpler service" and "increased technology investment," "improving the experience for all software users, administration clients and members."

Novigi chief executive Ash Priest, meanwhile, said the transaction is a key part of the firm's growth strategy, demonstrating its commitment to strategic and sustainable growth.

Priest said the firm needs to providing leading services at scale around the most relevant technologies for the superannuation and wealth management industry.

He added that the Acurity software suite, which is "deeply embedded" in the wealth management sector, strengthens its ability to meet growing market demand.

He also said the firm looks forward to integrating a talented group into its operating model.

Novigi said the acquisition was another significant step forward in the close collaboration between the two firms.

Apex appointed Novigi as a data and technology partner in July last year in a bid to strengthen its proposition in superannuation administration and to expand market reach.