Prime Financial Group acquires 100% ownership of Intello Pty Ltd

Prime Financial Group Ltd (ASX: PFG) announced that it had signed an agreement to buy 100% of the ownership of Intello Pty Ltd, which is a market leader in providing B2B Self-Managed Superannuation Fund (SMSF) Administrator services to Accountants, Financial Advisers and their clients in Australia. The total purchase price consideration of this transaction is approx. AU$4.6 million, in which 70% of the total purchase price is to be paid upfront and 30% subject to performance over a 12 period.

From the company’s total revenue in FY22, approx. 10% (AU$2.8 million) of the total revenue was generated via the Self-Managed Superannuation Fund service line. The acquisition of Intello will help this by adding an anticipated extra AU$3.0 million of annualised revenue which would take the SMSF service line revenue to approx. 20% of group revenue.

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