IWL in acquisition talks with IRESS
IWLchief executive officer Otto Buttula was unwilling to deny reports out today that IWL is finalising a deal with share market information system provider IRESS Market Technology.
The reports state that a $90 million takeover of IWL by IRESS, a stockmarket software producer, were close to conclusion with Buttula saying he was unable to comment except to say that he could not deny the speculation.
However he did confirm that IWL had “absolutely no interest” in a rumoured purchase ofLonsdale Securitiesand said he would be able to talk more freely on the deal which was expected to be finalised by this coming Monday.
Should the deal go ahead, it will follow the announcement less than two months ago of an agreement with the ASX to use IWL’s FundLink software as the core technology for its ASX FundConnect, the unlisted managed funds transaction processing service it plans to roll out in early 2003.
Given that IRESS is 15 per cent owned by the ASX, the takeover would give IRESS access to the financial planning, funds management and stockbroking industries and combined with the sizeable market share that IWL has with its Visiplan software take the combined group’s position in the software market to a new level.
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