One stock to sell – Iress Ltd.
IRESS (ASX:IRE) has entered into an agreement with MainstreamBPO (ASX:MAI) to divest a part of its superannuation administration business that provides services to customer-owned banks. These assets were acquired as part of the purchase of Financial Synergy in October 2016. While recognizing the quality of the superannuation administration services, IRESS has determined the provision of these particular services to customer-owned banks are not in line with IRESS’ future growth plans. The transaction is not material to IRESS as it does not impact any other part of IRESS. On an annualized basis, these assets contributed approximately $0.3m Segment Profit, and deal is expected to take place by early October 2017. The transaction involves the deployment of MainstreamBPO’s signature ‘lift and shift’ outsourcing model to transition 14 super fund clients to MainstreamBPO’s subsidiary SuperBPO Pty Ltd. The clients, with combined funds under administration of approximately $650 million, include a public offer retail fund for customer-owned banks with Equity Trustees Superannuation Limited as its trustee, and seven Retirement Savings Account customers.
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