ASX-listed financial software firm IRESS continues to advance its presence in the UK, making two strategic acquisitions.
IRESS has acquired UK trading, market data and connectivity business Proquote and portfolio management software firm Pulse Software Systems for a total purchase price of £37.60 (AU$80.91) million.
Proquote is owned by the London Stock Exchange Group and plays a key role in retail trading and connectivity in the UK, according to a statement by IRESS.
“The Proquote acquisition also includes the LSE Hub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers,” said the statement.
Pulse provides portfolio management software solutions to private asset managers who manage investments for clients on a discretionary basis, said IRESS.
The acquisitions will see a total of 55 people from Proquote and Pulse join IRESS’s UK operations, which was established in August 2013 with the $361 million purchase of UK technology provider Avelo Financial Services.
IRESS has also appointed a new group executive for strategy, Simon New, who will be based in the UK and report directly to IRESS chief executive Andrew Walsh.
Mr New was most recently a director for wealth and asset management at EY in London, and was the lead partner in the 2013 integration of Avelo into IRESS.
Commenting on the acquisitions of Proquote and Pulse, Mr Walsh said the purchases would boost the firm’s position in the areas of retail trading, portfolio management, routing and connectivity.
“Regulatory change and market demands in the United Kingdom means there is an increasing need for unified, flexible and reliable technology solutions. These acquisitions allow us to expand capability and our client base as well as deepen our local expertise,” Mr Walsh said.
“The teams from Proquote and Pulse will be a core part of the IRESS team in the United Kingdom. They have deep product and technology knowledge, and strong and highly relevant expertise.”