The Australian
Financial markets technology provider Iress has launched a $206 million rights issue to fund a push into the UK market through the 210 million pound ($362 million) purchase of Avelo FS Holdings.
Posting a 5.8 per cent fall in first-half net profit to $26.1 million, Iress said the acquisition included a comprehensive product suite, clients spanning the entire financial services value chain and industrial technology capability for mortgage origination and processing.
Iress chief executive Andrew Walsh said the deal would significantly diversify Iress’s geographic exposure from Australia, South Africa and Canada and improve revenue opportunities in combination with Iress’s existing UK operations.
“This is s a unique and attractive opportunity to establish scale, revenue and relationship footprint in the UK,’’ Mr Walsh said.