Iress completes transformation with sale of QuantHouse
Iress has exited another business as part of its strategic review process – this time European-based QuantHouse.
The transaction completes Iress’ transformation program.
Iress has announced to the Australian Securities Exchange (ASX) that it has entered into a binding share sale and purchase agreement to divest the QuantHOuse low-latency market data business to BAHA Tech Holdings, a Vienna-based market data provider.
BAHA is to pay Iress $31.4 million in cash consideration before costs upon completion, and as part of the transaction Iress has also agreed to a five-year supply agreement with BAHA to provide existing QuantHouse market data feeds into Iress’ software.
Commenting on the transaction, Iress chief executive, Marcus Price said that with the transformation program complete, the firm is focused on strengthening and growing its core business operations in wealth and trading and market data.
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