Iress looks forward through Xplan
Sharemarket information system providerIressis continuing its foray into the wealth management market after completing the integration of financial planning software firmXplan Technologies, which it acquired back in March.
Iress reveals today in its half yearly results that the Xplan product suite has been assimilated with Iress software and that the company is scaling up the number of staff on its Xplan operation.
Iress managing director Peter Dunai says that it recently released the integrated Xplan/Iress portfolio module, resulting in a full suite of Xplan product modules being on offer in the market.
“This comprehensive product suite now fully covers and is highly competitive with the established financial planning software providers,” he says.
Dunai believes that this coverage, in addition to a well resourced service operation, will see Xplan achieve growing client support through the second half of the year.
Xplan Technologies was bought by Iress in March of this year as part of a bid by the company to establish a major presence in the wealth management industry, following a failed merger withIWL.
The deal saw Iress pay $5.1 million upfront for Xplan, with an additional payment to be paid after three years depending on the group’s performance.
Iress also committed at the time to invest upwards of $1.7 million over two years to upgrade Xplan.
Iress directors remain comfortable that Xplan will have an operational earnings impact in 2003 of over $1 million, and that month to month breakeven will be achieved at some point next year.
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