Iress confirms new acquisition interest

After weathering testy shareholder attitudes at its annual general meeting, financial services software specialist Iress on Friday confirmed further acquisition interest beyond that originally expressed by Blackstone earlier this year.

Iress announced to the Australian Securities Exchange (ASX) on Friday that it had engaged with “new third parties” with respect to data room access around an acquisition.

Iress did not name the parties but said they had previously expressed interest in the company.

A significant caveat contained in the Iress ASX announcement was “that the basis for engagement is that bidders are restricted from contacting certain former management (without Iress’ consent).

The “certain former management” referred to in the announcement is understood to be the firm’s former chief executive, Marcus Price, who stepped down from his role in early September.

Iress announced in early August that it had considered an approach from Blackstone at a price of $10.50 per share, but the offer had been withdrawn.

It said the company was currently in the early stages of engagement with Blackstone and Thoma Bravo in order to ascertain whether an offer could be made which could be recommended by the Iress Board.