Shares in Iress have jumped 11 per cent following reports that the company is in preliminary talks with private equity firms Blackstone and Thoma Bravo regarding a potential takeover offer. Iress confirmed the early-stage engagement after a report in The Australian Financial Review, noting that the discussions are aimed at determining whether a proposal can be made that the Iress board could recommend.
Iress provides software solutions to the financial services industry, offering tools for wealth management, trading and market data. The company’s products are used by financial advisers, brokers, and fund managers across the globe to streamline their operations and make informed decisions.
In a statement, Iress cautioned that there is no certainty any proposal or offer will materialise from either Blackstone or Thoma Bravo. Further, even if an offer is made, there is no guarantee it will result in a binding transaction. The Iress board affirmed its commitment to acting in the best interests of shareholders and maximising value, promising to keep the market informed of any developments in accordance with its continuous disclosure obligations.
This isn’t the first time Iress has been the target of takeover interest. In 2021, Swedish private equity firm EQT made three offers, reaching as high as $15.91 per share, before ultimately withdrawing. Iress shares last traded up 11 per cent to $9.30, after hitting an intraday high of $9.69.
