AMP will sell its administration and software business, SuperConcepts, to a private management group led by a former CountPlus senior executive for $8 million in cash.
The deal is expected to be completed by the third quarter of this year with around 500 SuperConcepts employees transferring out of AMP as part of the sale, which will also see the installation of a new management team backed by private equity firm Pemba Capital Partners.
The new management team will be headed by former CountPlus chief executive Matthew Rowe, who will become managing director of SuperConcepts, Brad Ackermann as chief operating officer and Andrew Row as executive director of client services.
In their new roles, Ackermann and Row will return to SuperConcepts where Ackermann was previously chief technology officer and a developer of the firm’s software platform, SuperMate, while Row was previously a joint managing director of Cavendish Superannuation, which was subsequently purchased by SuperConcepts.
Outgoing SuperConcepts chief executive Grant Christensen said the firm had a long history in the sector and “this transaction supports the future growth of the business, with the new management team having a clear focus on continuing to improve outcomes for our clients”.
Rowe acknowledged the support of AMP in the transition of the SuperConcepts business, adding: “Our team will invest in the business and deliver technology-led solutions, great customer outcomes and seek to simplify SMSF to enable more Australians to control their super in Australia’s growing SMSF market.”
AMP chief executive Alexis George said the sale was consistent with AMP’s strategy to simplify its business and focus further on retail banking and wealth management.
“The purchasers are more natural owners of the SuperConcepts business and we will work closely with them to ensure a smooth transition of ownership and continuity for customers,” George said.