23 May 2018

Iress to acquire Financial Synergy for A$90 million

26 September 2016  |  2366 views  |  0 Source: Iress

IRESS (IRE.ASX) today announced it has entered into an agreement to acquire Financial Synergy, a leading and established provider of software to the Australian superannuation industry.

The total cash purchase price will be up to A$90 million. The transaction is expected to be more than 2% EPS accretive in 2017.

As a result of the transaction, IRESS is today launching a fully underwritten institutional placement (the “Placement") of approximately 7.49 million shares (“Placement Shares”) to raise approximately A$85 million (at the issue price of A$11.35 per Placement Share). The proceeds of the Placement will be used to fund the Financial Synergy acquisition.

IRESS will also offer all existing eligible shareholders in Australia and New Zealand the opportunity to acquire additional shares (up to a fixed amount) via a non-underwritten share purchase plan (the “SPP” and, together with the Placement, the “Equity Raising”).

IRESS CEO, Andrew Walsh, said: “Financial Synergy is an established and respected software solution provider and is a logical addition for IRESS in Australia. It strongly complements our existing capabilities and focus in Australian financial services, trading and funds management technology, wealth management and advice. It is also in line with our growth strategy.

“IRESS currently provides a range of solutions to key segments of Australian financial services, underpinned by the growing superannuation industry. Financial Synergy increases the range and scale of services and solutions IRESS can provide to clients of both businesses.”

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit response.ncr.com

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9817 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8587 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7305 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6825 views comments | 7 tweets | 11 linkedin
Fidelity creates virtual reality chatbotFidelity creates virtual reality chatbot
6553 views comments | 6 tweets | 12 linkedin

Featured job

Find your next job