IRESS acquires QuantHouse
IRESS has announced the acquisition of QuantHouse, an international provider of market data and trading infrastructure.
The total of purchase price is up to €38.9 million on a debt and cash free basis, with a material portion that would be subjected to earnout performance criteria through to the end of 2021.
Andrew Walsh, IRESS chief executive officer (CEO), said the provision of accurate timely and cost-effective market data through their software and to a range of clients is an important part of IRESS’ current and future business, and their growth strategy.
“QuantHouse is highly complementary and strategically aligned to IRESS’ existing and future activities and to its international offering, including IRESS’ increasing focus on data,” Walsh said.
“The acquisition will further strengthen IRESS’ international market data business and provide opportunities to achieve cost synergies and scale.”
The acquisition will expand IRESS’ offering to clients globally and will meet client demand for increased channels of data beyond desktops.
“In particular, the acquisition will allow IRESS to provide clients with real-time access to additional services, including international exchanges, with global MSCI coverage increasing from 52-75 per cent,” Walsh said.
QuantHouse operates internationally, with a focus on Europe, North America and Asia, with more than 145 data feeds from exchanges and other data providers to clients globally.
It is being sold by its co-founder and chief executive Pierre Feligioni, but he would continue to lead them within IRESS. All QuantHouse people, including senior management would remain a core part of the IRESS team.
AUTHOR
Chris Dastoor
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