AMP has acquired the Desktop Super superannuation accounting platform from Australian software provider Reckon.
The platform has been bought through AMP’s self-managed superannuation fund (SMSF) unit SuperConcepts in a $2.5m deal.
The deal would boost SuperConcepts’ market share across administration and software services to 9.7% from 6.8%, and would result in the migration of nearly 16,000 SMSF software clients to the SuperConcepts business, AMP said.
SuperConcepts and Reckon have also struck a strategic partnership that will allow the two to harness each other's expertise to offer leading SMSF software service to clients.
SuperConcepts CEO Natasha Fenech said: "Reckon is a highly-regarded provider of accounting software services. We're excited to form an alliance thatwill help us to enhance the level of service and technology available to SMSF trustees and their advisers.
"SMSF software continues to be a key part of our strategy and we will continue to invest in the technologyas we expand our service to become a market leader in SMSF software solutions and partner of choice for the SMSF industry."
AMP further said that the acquisition will not lead to any immediate changes in fund access for Desktop Super customers.