RealTime IT News

Bourse Moves Into Superannuation Market With CSA

Online financial content provider Bourse Data has announced plans to launch a takeover bid for superannuation consulting firm CSA.

Bourse intends to issue 600,000 shares as consideration with a further 150,000 to be issued subject to certain performance criteria at the end of the 2001 financial year.

CSA has a market presence in most Australian capital cities with more than AUS$100 million (US$60 million) of funds under administration. The company has also developed its own client interface and administration software.

Under the deal, CSA will continue to operate as an independent business unit, while it and Bourse would share resources and assets including technology, people and customer databases.

Bourse Data chairman Gil Hoskins said that CSA would prove an attractive acquisition not only because of its position in the superannuation industry, but also because its approach and systems offered a strong base from which to expand.

"It is our intention to combine these innovations with the current Bourse offering, to provide a unique customer service," said Hoskins.

CSA managing director James Benson said he expected the deal to allow CSA to take advantage of emerging opportunities within the Australian superannuation market.