Listed financial services technology provider IRESS has announced it will acquire a UK-based firm for a purchase price of £210 million.
In a statement to the Australian Securities Exchange (ASX), the developer of XPLAN announced it will acquire Avelo Financial Services, a leading platform manufacturer which provides software to 35,000 British advisers, including 93 of the top 100 independent financial adviser firms in the UK.
According to the statement, the deal will “significantly diversify IRESS’s geographic and segment exposure, accelerating revenue opportunities in the UK”.
“This is a unique and attractive opportunity to establish scale, revenue and relationship footprint in the UK,” said IRESS chief executive Andrew Walsh.
The statement said IRESS aims to be in a position to take advantage of technology needs in the UK market driven by regulatory change, including the introduction of the FOFA-like Retail Distribution Review.
Under the terms of the acquisition, current Avelo chief executive Simon Bradley will assume the role of IRESS UK managing director, reporting to the Australia-based Mr Walsh.
The deal now requires approval by the UK Financial Conduct Authority.
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