It is Sydney-based Smartgroup’s 10th acquisition since 2011 and its fourth since floating on the stock exchange in 2014.

Autopia, also based in Sydney, manages more than 3000 vehicles in Australia and has more than 300 employer clients with strong emphasis on the corporate market.

Smartgroup, which has clients including Santos and the Department of Defence, also owns Webfleet (bought in 2010), Australian Vehicle Consultants (purchased in 2011), Tailored Automotive Consultants (acquired in 2013) and Trinity Management Group (obtained in 2016).

In 2015, Smartgroup reported revenue of $91.8 million, up 25 per cent on the previous year, and net profit after tax up 51 per cent to $26.2 million.

This compares with fellow novated leasing firm McMillan Shakespeare Ltd at $389.6 million for the 2014-2015 full year and net profit of $67.5 million, up 22.7 per cent on the previous financial year.

In a statement, Smartgroup said Autopia was expected to contribute about $2.6 million to the group’s earnings before tax and about $1.2 million to net profit after tax in the second half of this calendar year.

Smartgroup CEO Deven Billimoria said: “Autopia is a well-managed business and expands our novated leasing capabilities into an adjacent segment. We look forward to working with the Autopia team to leverage our respective strengths.”

David Wakeley, CEO of Autopia said: “We are looking forward to working with the Smartgroup team to continue to deliver excellent results for our customers. There is a strong cultural fit between Autopia and Smartgroup and we are excited to be joining Smartgroup.”

By Neil Dowling