Smartgroup (ASX:SIQ) has announced it has completed the acquisition of RACV Salary Solutions.
The employer benefits company has purchased RACV for $27 million.
Adelaide-based RACV has 100 staff and manages 38,000 packages, recording a $16.6 million revenue in FY 2017.
Smartgroup CEO Deven Billimoria said the acquisition extends the company’s presence in the market.
The company also recently completed a full acquisition of shares in Sydney-based leasing provider Aspire.
Shares in Smartgroup (ASX:SIQ) are trading 0.2 per cent lower to $9.92.