Fintech OneVue just bought KPMG’s superannuation administration business

Hector Retamal / AFP / Getty Images

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.