Smartgroup completes RACV Salary Solutions acquisition

Company News

by Kathy Skantzos

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.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.