IWL does deal with IRESS
TheASXhas confirmedIWLwill merge with share market information system provider IRESS, giving both parties access to the financial planning and stockbroking industry’s and creating substantial cross- selling opportunities.
Set to become a leading provider of financial information and technology in the Australian market, the announcement follows reports last week of a $90 million takeover deal between IWL and IRESS.
However, the ASX has described the deal today as a merger, despite IRESS shareholders accounting for 82.4 per cent of the issued capital for the merged entity.
While the merger awaits final IWL and court approval, IWL says the deal will strengthen the position of both companies across the financial planning and stockbroking industries.
Through IWL’s desktop software brands VisiPlan and Llink, IWL already has more than a 35 per cent market share of the financial planning market.
IWL also owns FundLink, which is set to become the core technology software behind ASX FundConnect, a straight through processing transaction based service for the unlisted managed fund and superannuation industry.
Meanwhile, IRESS has good market penetration of the stockbroking industry as well as transaction technology.
The combined groups not only provide the opportunity to cut administration costs, data charges and to rationalise development expenditure, but also to integrate software products and to take them to market through a wider distribution capability.
AUTHOR
Fiona Moore
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