Sale of Financial Synergy to IRESS

IRESS (ASX:IRE), a leading supplier of technology solutions to clients in the financial markets, wealth management, and mortgage sectors, acquired Financial Synergy Holdings Pty Ltd, a leading and established provider of software to the Australian superannuation industry.

The deal, valued at up to A$90 million, involved a 100% acquisition of the shares in Financial Synergy.

In its announcement, Andrew Walsh, IRESS CEO said “Financial Synergy is an established and respected software solution provider and is a logical addition for IRESS in Australia. It strongly complements our existing capabilities and focus in Australian financial services, trading and funds management technology, wealth management and advice.

David Orford, Financial Synergy majority owner, founder and Chairman said “Selecting the right home for Financial Synergy to see its objectives and our people and clients prosper has been an important part of this process. I have always held IRESS and its team in high regard and I’m excited to see these two businesses combine.”