IRESS
(ASX:IRE) has announced it will acquire Financial Synergy, an established provider of software to the Australian superannuation industry.
IRESS will purchase the business for approximately $90 million and will seek to raise $85 million to fund the deal, through an institutional placement launched today.
Existing shareholders in Australia and New Zealand will have the opportunity to take part in a share purchase plan.
The share purchase plan is capped at $20 million and will open on Wednesday the 5th of October.
IRESS reported a net profit of $32.8 million at 30 June 2016.