Link Administration Holdings Ltd provides administration services to the financial services sector in Australia and the U.K., predominantly in the share registry and investment fund sectors. The company is the largest provider of superannuation administration services and the second- largest provider of share registry services in Australia. Link acquired U.K.-based Capita Asset Services in 2017; this provides a range of administration services to financial services firms and comprises around 40% of group revenue. Link's clients are usually contracted for between two and five years but are relatively sticky, which results in a high proportion of recurring revenue. The business model's capital-light nature means cash conversion is relatively strong.