IRESS has announced it is set to acquire a superannuation software provider for a total cash purchase price of up to $90 million.
In a statement this morning, the financial technology firm said it has entered into an agreement to acquire Financial Synergy.
The acquisition is expected to be more than 2 per cent EPS accretive in 2017.
As a result of the transaction, IRESS is launching a fully underwritten institutional placement for approximately 7.49 million shares to raise approximately $85 million to fund the acquisition.
Goldman Sachs is acting as the exclusive financial adviser to IRESS and is the sole lead manager and underwriter of the placement.
IRESS chief executive Andrew Walsh said, “Financial Synergy is an established and respected software solution provider and is a logical addition for IRESS in Australia.
“It strongly complements our existing capabilities and focus in Australian financial services, trading and funds management technology, wealth management and advice. It is also in line with our growth strategy.
“IRESS currently provides a range of solutions to key segments of Australian financial services, underpinned by the growing superannuation industry. Financial Synergy increases the range and scale of services and solutions IRESS can provide to clients of both businesses.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 11:29CBA blocks access to Dover advisersBy Aleks Vickovich
- 11:25ANZ launches adviser wellness portalBy Reporter
- 18 Jun 2018IOOF Alliances launches service for self-licensed advisersBy Reporter
- 18 Jun 2018Former adviser convicted for dishonest conductBy Reporter
- 18 Jun 2018IFA sector digs deep for DoverBy Aleks Vickovich
- 15 Jun 2018‘Information asymmetry’ a difficulty for advisersBy Killian Plastow and Tasnuva Bindi
- view all