Iress denies PE takeover speculation

Financial planning software provider Iress has denied the content of media reports suggesting that it is the subject of a takeover by private equity.

Iress made its announcement in response to a price query from the Australian Securities Exchange (ASX) after a 12.5% surge in the Iress share price to $9 amid the private equity speculation.

Iress said that it is not aware of any information regarding private equity interest and is not in discussions or in receipt of a proposal in relation to a potential control transaction for Iress.

The announcement follows on from Iress half-year results last month and its decision to divest its platform business to Praemium Limited in a transaction involving $1 million in cash and additional payments of up to $20 million over 18 months subject to milestones being met.

Media reports have suggested the Iress share price has made it vulnerable to takeover.