Multinational fintech supplier IRESS, with operations in South Africa, has announced its acquisition of INET BFA from Media24 for a total cash purchase price of R149.6 million.
IRESS has confirmed that all 118 INET BFA staff will join the company, with the exception of CEO Andrew Philbrick "who has pre-existing plans to pursue other personal interests."
IRESS supplies technology for financial markets, wealth management and the mortgage industry across markets, including South Africa.
INET BFA delivers data feeds, and financial analysis solutions covering South Africa, African and global pricing and company financial information and research.
According to IRESS the acquisition will strengthen its capability in South Africa and add to existing operations, specifically in terms of its trading and solution portfolio.
Ray Pretorius, IRESS MD South Africa, who is leading the company and will head up expanded operations, explained that the addition of INET BFA will see IRESS' South African operations form just under 20% of the organisation's global total in terms of people.
"The acquisition is in line with our existing strategy in region which is to provide our clients in South Africa with a broad range of unified technology solutions. The acquisition brings INET's strong relationships in investment management together with IRESS' strength in trading and will enable us to support all of our clients with increased local expertise and product capability," said Pretorius.
While Pretorius acknowledges that it is very early in the transation, they are very pleased with the response from both staff and clients so far.
"We are delighted to be working with a strong and talented INET team. We look forward to welcoming them into IRESS once the transaction completes," he added.
The transaction is expected to be completed by end November.
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