Financial markets software company, IRESS
(ASX:IRE), has entered a deal to acquire a South African company, which operates in a similar industry.
IRESS is set to purchase INET BFA for $14 million. INET BFA is in the business of providing market data, analysis tools and financial data feeds. As part of this transaction, 118 new employees (which is almost all the staff of INET) will join IRESS.
IRESS says this acquisition is intended to strengthen its presence in South Africa, allow a broader range of integrated solutions, and extend its trading and portfolio services.
This deal is expected to complete by late-November 2016.
IRESS reported a net profit of $32.7 million at 30 June 2016.
