Class appoints four new directors ahead of IPO

Class, the developer of a cloud-based service for administering self-managed super-funds (SMSFs), has named four new directors as it prepares for an IPO late this year.

The company has named Kathryn Foster, Matthew Quinn, Tony Fenning and CEO Kevin Bungard to fulfil its board as it prepares for a public listing.

Foster has over 20 years’ experience with large internet businesses across 232 areas, including key global roles with Microsoft. Quinn is the former long-time managing director of property group Stockland.

Bungard joined Class as COO in 2009 and was named CEO in April last year. Fenning is a financial services executive who was managing director of SFG Australia from 2011 to 2014.

“These high-calibre appointments, with sound commercial and corporate expertise, will be invaluable as we prepare the company for an IPO,” Class Chairman Barry Lambert said.

Class launched the first cloud-based SMSF administration software in 2009. The software is today used to administer around 80,000 SMSFs, and adoption is increasing at a rate of 50% per year, Class said.

The company brought forward plans for an IPO in 2013 after reporting an 80% increase in revenue for FY13. Class was aiming to launch an IPO as soon as practicable after the end of June this year.

Image courtesy of Lars Plougmann under CC