IRESS acquires two fintech firms
Financial market and mortgage system supplier IRESS has added trading specialist Proquote and private asset manager software provider Pulse Software Systems to its portfolio in a bid to expand its UK operations as well as expand on its existing product offerings.
The announcement comes on the back of a strong half year result for IRESS who recorded a 38 per cent increase in profits between 31 December 2014 and 30 June this year, with a total statutory net profit of $28.5 million after tax.
IRESS chief executive, Andrew Walsh, said the two fintech acquisitions will help IRESS consolidate its client base and product suite, as the company seeks to accelerate its position in retail trading, portfolio management, order routing, and connectivity.
"The purchase of these two businesses is an important part of our strategy to continue to broaden and deepen our capability and product suite both internationally and in Australia," Walsh said.
"Starting in Australia, IRESS has a long history of local experts working with clients and… the teams joining IRESS will provide us with even greater levels of local knowledge and expertise."
Walsh noted IRESS have a robust product investment program in technology financial markets offerings — both in the IRESS solutions, as well as in XPLAN, IRESS' wealth management solution — and will be looking to expand on this in the coming months.
"We are committed to growth and we believe this provides benefits to clients, particularly in terms of scale and access… In the past year we have continued to make significant investments to our scaled advice product Prime, and our next generation online data, and trading solution," Walsh said.
"We will have further announcements to make in the coming months."
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