Troubled ASX 200 financial technology stock Link Group’s shares have tumbled to multi-year lows, after fast-growing administration player Grow Inc snatched one of its big clients in superannuation giant HESTA.
Link provided HESTA with retirement and superannuation administration services, which accounted for $50 million, or 4 per cent, of the company’s revenue. This will now shift across to Grow Inc, which also provides back-end administration services but will start using distributed ledger technology by 2025.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
