CountPlus Limited (ASX:CUP) agreed to acquire 85% stake in Accurium Pty Limited from Challenger Limited (ASX:CGF) for AUD 9 million on October 20, 2021. Revenue for Accurium in FY2021 was AUD 7.1 million and EBITA AUD 2.8 million. Upon completion Countplus will 85% stake in Accurium and remaining 15% stake will be hold by Key Management Personnel of Accurium.

Challenger is to provide transitional services to Accurium for up to 12 months following completion. Douglas McBirnie will become Managing Director of Accurium and it is anticipated that all current serving team members will be retained by the business. CountPlus will fund the purchase of its shareholding in Accurium utilising a combination of cash and a bank debt facility with Westpac.

The deal is subject to due diligence from CountPlus which must be satisfied by 30 November 2021 or such later date as the parties agree.