OneVue Holdings has acquired super admin Super Managers Australia (SMA) to expand its superannuation capabilities.
The total consideration of $5.2 million represents the acquisition of all issued shares in SMA and assumption of external debt in the business of $3.6 million, as well as the previous loan funds of $1.5 million provided to SMA managers by OneVue.
OneVue Group chief executive, Connie McKeage, said the acquisition would complement OneVue's existing super services.
"We were able to complete a thorough due diligence exercise given we have been providing management services to SMA since May 2014. Under OneVue's management, significant restructuring of the business has already been completed and the business now has a pipeline of potential new clients," McKeage said.
"The business is also already fully integrated with both OneVue's digital direct service and the recently launched LUMINOUS adviser platform. Further cost synergies and opportunities across the Group remain to be captured."
SMA will be rebranded to OneVue Super Services to reflect its role within the OneVue Group.