IRESS acquires Financial Synergy

Company News

by Jessica Ellerm

 
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. 

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