Iress Market Technology Ltd
(ASX:IRE) has announced its newly created Singaporean subsidiary has purchased SENTRYi as it looks to increase its presence in the Asian wealth management market.
The price paid for SENTRYi was performance related with just $1million dollars paid upfront.
The remainder will be paid depending on the software meeting targets, however will not exceed $1 million per year. The company says the final figure might not being known for around 3 years.
Meanwhile, in the broader Asian market, IRESS says it would cap investments in the region to no more than $2 million per year.
Iress reported a profit of $35.6 million for calendar 2008.
