IRESS makes $62m acquisition

Advice software provider IRESS has announced it has acquired an international provider of market data and trading infrastructure for around €38.9 million.

Effective from today, IRESS’ purchase price of QuantHouse is up to €38.9 million ($62.7 million, on a debt and cash free basis), with a material portion subject to earnout performance criteria through to the end of 2021, according to a statement.

All QuantHouse staff, including senior management, will become a part of the IRESS team.

QuantHouse operates internationally, with a focus on Europe, North America and Asia, providing more than 145 data feeds from exchanges and other data providers to clients globally.

“The provision of accurate, timely and cost-effective market data through our software and to a range of clients is an important part of IRESS’ current and future business and our growth strategy,” said IRESS chief executive Andrew Walsh.

“QuantHouse is highly complementary and strategically aligned to IRESS’ existing and future activities and to its international offering, including IRESS’ increasing focus on data. The acquisition will further strengthen IRESS’ international market data business and provide opportunities to achieve cost synergies and scale.  

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“Importantly, the acquisition will expand IRESS’ offering to clients globally. In particular, the acquisition will allow IRESS to provide clients with real-time access to additional services, including international exchanges, with global MSCI coverage increasing from 52 per cent to 75 per cent. It will also meet client demand for increased channels for data beyond desktops.”

Further, Mr Walsh said he “warmly welcomes the QuantHouse team to IRESS”.

“QuantHouse reflects IRESS with its international, strong and entrepreneurial approach. QuantHouse’s highly-regarded team of experts will help IRESS further strengthen the products and services we provide to our clients. In addition, the introduction of IRESS will broaden QuantHouse’s current offer to its clients,” he said.

QuantHouse is being sold by its co-founder and chief executive Pierre Feligioni, with the QuantHouse team continuing to be led by Mr Feligioni within IRESS.

“Together, we can continue to innovate by growing our respective product scope and further developing a new generation of services for the best interests of both IRESS and QuantHouse clients and partners,” Mr Feligioni said.

“By working together, we will speed up innovation and uncover new ways to create value.”

IRESS makes $62m acquisition
Andrew Walsh
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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