Iress expands in UK with acquisitions of Proquote and Pulse
15 September 2015 | 5477 views | 0
Australia's Iress has acquired market data vendor Proquote from the London Stock Exchange and portfolio management software house Pulse Software Systems, boosting its presence in both the capital markets and discretionary fund management space within the UK.
Proquote, an LSE portfolio company since 2003, operates the Retail Service Provider network that offers retail trading in the United Kingdom. The acquisition by Iress also includes LSEHub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers.
In announcing the sale, the LSE says that Proquote is "not central to its strategy" for the enlarged Information Services Division.
The second acquisition, Pulse, is an established provider of portfolio management software to private asset managers who manage investments for clients on a discretionary basis.
Iress says all 55 Proquote and Pulse management and employees are expected to join the firm, including Proquote managing director, David Tibbetts, and Pulse managing director and founder, Mike Nicholls.
Iress has also appointed a new group executive - strategy, Simon New from Ernst & Young, whose initial focus will include overseeing the integration of the two businesses.
IRESS chief executive Andrew Walsh says: “Regulatory change and market demands mean there is an increasing need for unified, flexible and reliable technology solutions in the UK. These acquisitions further Iress’ relevance as a strategic partner responding to this demand.”
Both deals are expected to be wrapped up by Q4 2015. Financial terms were not disclosed.