Class will now hold 18 per cent of the document and corporate compliance market following the acquisition of legal documentation software provider Topdocs.
The acquisition includes the Topdocs platform and customer base and is valued at $13 million, made up of $11.7 million in cash and $1.3 million in Class shares escrowed for 18 months, and is due to be completed by 1 September.
The acquisition is the fourth for Class since the start of 2020 and follows the purchase of NowInfinity in February 2020, Smartcorp in August 2020 and Reckon Docs in March 2021. At the completion of the transaction, Topdocs will be incorporated into the NowInfinity platform and will have other integrations into the Class suite of products.
Class said Topdocs’ provision of SMSF, corporate and trust documentation to accountants, financial planners and lawyers was “a natural fit” and its integration into NowInfinity would increase the scaling up of that business.
Topdocs managing director Jake Spakman said: “Class has demonstrated its commitment to building the most comprehensive and robust document and compliance service in the market, and we are really excited that the Topdocs integration will be part of that.
“Our customers will continue to receive the great service they are accustomed to, but with the additional benefits of access to a wider range of services and an industry-leading technology team. We are confident this transaction will really benefit Topdocs customers, the Topdocs team and the business.”
Class chief executive Andrew Russell noted the acquisition was part of the firm’s strategic business plan to expand its market share and would not disrupt the long-term relationship with Topdocs customers.
“Class has followed a strategic roadmap to grow our share of the corporate compliance and documentation market, and the Topdocs acquisition is another leap forward for the business following our acquisitions of NowInfinity, Reckon Docs and Smartcorp,” Russell said.
“We look forward to providing Topdocs customers continued great service and support, as well as an expanded product set.”
