VisiPlan, Xplan, PlanTech now under one roof
After approaching wealth management infrastructure solutions provider IWL in February with an offer to buy its specialist financial advisory software subsidiary, including VisiPlan, IRESS Market Technology has today completed the acquisition for 5.95 million shares.
The transaction equates to around $48 million at IRESS’ share price on the day the deal was written, with IWL intending to retain its strategic shareholding in IRESS, which also owns Xplan and PlanTech.
IRESS Wealth Management general manager Andrew Walsh said it was likely technology consolidation would occur over time, however there were currently no fixed agendas to do so.
“IRESS’ key priority will be to extend our support-focused structure to VisiPlan clients and work closely with them to deliver technology solutions based on their immediate and future needs,” he said.
Walsh added that the majority of VisiPlan staff would be retained providing IRESS with the ability to service its combined customer base with room for new initiatives.
“This acquisition creates the first independent provider with sufficient scale to invest in both client-driven and industry solutions for the future, but it is important to note that the space remains competitive,” he said.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
