A Countplus subsidiary has purchased the salary packaging and payroll management assets of a Melbourne-based firm for more than $300,000.
The Count Financial-owned group yesterday informed the market its Canberra-based subsidiary, Achieve Corporation, had entered into a transaction with Melbourne-based Contract1.
Under the terms of the deal, the purchase consideration of $370,000 was cash only and would be paid over a 12-month period, Countplus said in a statement to the Australian Securities Exchange (ASX).
"The services provided by Countract1 are virtually identical to those currently provided by Achieve and as such represents an excellent opportunity to leverage Achieve's existing systems for contractor payroll management," Countplus said.
The client base included information, communication and technology consultants retained by the federal government, it said.
The transaction is Countplus's second for the year.
Last month, wholly-owned subsidiary Kidmans PEC completed the acquisition of Pacific East Coast (PEC Group), a property and accounting group.
The $3.29-million initial purchase consideration was paid in cash, a statement to the ASX said.
Subsequent performance-based payments to the sellers will involve cash and equity payments.
The purchase was expected to be earnings per share accretive in current and future years, Countplus said.
PEC Group is an independent property broker and has placed more than $3.5 billion of property through its National Alliance Member Network of over 600 members.
