News

Business News

Class acquires NowInfinity

Class NowInfinity

SMSF documentation provider NowInfinity has been sold to SMSF administrator Class in a deal that will be completed by month’s end.

SMSF software and administration service provider Class has purchased compliance and documentation platform NowInfinity in a deal valued at up to $25 million.

Class announced the deal earlier today, stating the transaction would be paid for using $10 million in cash plus $10 million in Class shares, escrowed for two years, and both payments would take place on completion of the transaction.

Deferred consideration payments of up to $5 million will also be paid in April and October of this year, which will be dependent on the successful integration of NowInfinity into the Class business, which will partly fund the deal with a new $10 million debt facility.

The transaction is expected to be completed by 1 February 2020 and the founder and chief executive of NowInfinity, Amreeta Abbott, will remain with the business in the role of NowInfinity chief growth officer.

Class stated the deal was its first complete acquisition and will be a strategic pillar in its Reimagination strategy, which aims to boost the company’s presence as a technology services provider.

Class chief executive Andrew Russell said: “NowInfinity is an attractive opportunity aligned to our Reimagination strategy that allows Class to expand its role across the professional services ecosystem.”

Russell added the acquisition was complementary to the Class business in terms of culture, technology and customer base.

“Importantly, it will enable Class to execute on our ambition of providing a broader set of products and services to our customers, which will be further enhanced through stronger integration of both platforms over the medium term,” he said.

Abbott formed NowInfinity in 2012. It currently works with more than 2000 accounting firms and offers company, trust and SMSF documentation, a corporate compliance platform, trust register and SMSF manager tool.

“Since 2012, NowInfinity has been deeply passionate and focused on solving pain points for accountants, financial planners, bookkeepers and lawyers through our innovative platform, which has brought to the market a number of industry firsts,” she said.

“We are excited about the opportunity this transaction creates that sees two market leaders leveraging each other’s strengths, enabling NowInfinity’s ability to continue to innovate and grow with our members.”

Copyright © SMS Magazine 2020

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital