OneVue, a super fund platform administration service, just closed its purchase of KPMG’s Superannuation Member Administration business for $6.5 million.
The deal takes OneVue’s funds under administration to $4 billion, with 130,000 members and 38 superannuation funds, making it Australia’s fourth largest superannuation member administrator.
OneVue group managing director Connie Mckeage says the purchase is being funded out of existing cash balances.
In its latest half year results, OneVue posted a 27% rise in revenue to $23.5 million. Net profit after tax was $5.8 million, up from $300,000.