Speaking to SMSF Adviser, Class chief executive Andrew Russell said Class’s reimagination strategy has so far been focused on creating an integrated platform that sits around the accounting ecosystem and primarily focuses on the four components of enabling users to establish wealth vehicles, managing them within the relevant regulations, administering them and being able to access insights from big data.
While Class is currently concentrating on building its position in the legal documentation and corporate compliance space following the acquisition of NowInfinity earlier this year, it is also exploring how its integrated platform of establish, manage, administer and analyse can be implemented into other marketplaces that might be relevant.
“That could either be onshore, in terms of looking at industries similar to self-managed super where you have complex processes that you can use technology to simplify and automate or overseas destinations,” Mr Russell said.
“Within the Australian market, we’re going to continue to try and drive leadership positions, but we do think there’s opportunities outside of just the wealth and accounting ecosystem.”
Mr Russell said there are processes with the legal community where the software firm’s knowledge and expertise in simplifying complex rules and providing automated solutions could be used. Healthcare is another industry where there could be opportunities, he added.
“[In terms of] offshore, we’re starting to explore the UK, Canada and Singapore. We certainly think our platform will have relevance outside of those jurisdictions as well where you’ve got trusts,” he said.
“There’s certainly opportunities to look at in the US market, it’s a big market and each state has its own set of rules, but in terms of creating wealth vehicles and dealing with legislation and being able to create an integrated platform of automation for all of your legal documentation and corporate compliance, we think that we can basically adjust our software for those areas. Choosing a big state like California would be something to look at as a first port of call.”
Mr Russell said the software firm was also exploring the idea of adapting its software for foreign pension systems.
“If you look at the UK for pensions where there are similar tax rulings, the coding won’t be too different in terms of being able to launch, that would be something that we’d certainly explore and we’ve also got representatives that we’ve spoken to in Canada,” he said.
“At this point in time, we’re exploring those markets and we’re understanding where Class as a business could make a difference and what pain points we think the wealth and accounting ecosystem communities over there are trying to grapple with. Like all good businesses, you need to keep looking at that next horizon.”