IRESS acquires Financial Synergy
Publicly-listed financial services technology provider IRESS has entered into an agreement to acquire superannuation-focused software provider, Financial Synergy.
The transaction has been announced to the Australian Securities Exchange today being valued at a total cash purchase price of up to $90 million.
The announcement said that as a result of the transaction, IRESS had launched a fully underwritten institutional placement aimed at raising around $85 million.
IRESS chief executive, Andrew Walsh, said the acquisition of Financial Synergy would strongly complement the firm's existing capabilities and focus in Australia.
"IRESS currently provides a range of solutions to key segments of Australian financial services, underpinned by the growing superannuation industry," he said.
"Financial Synergy increases the range and scale of services and solutions IRESS can provide to clients of both businesses."
The ASX announcement said Financial Synergy was being sold by its majority owner and founder, David Orford, and the senior management team, with the senior management team being retained and continuing in their roles.
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