Iress (ASX:IRE) sold its superannuation division to Apex Group for AU$40 million cash, with up to AU$20 million additional payments tied to revenue targets, according to a Monday filing with the Australian bourse.
The move allows Iress to focus on its core wealth, trading, and market data divisions, the filing said.
The company will provide transition services to Apex will continue for up to 18 months, the filing added.
Iress' shares gained 1% in recent Monday trade.
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