Iress (ASX:IRE) today announces it has entered into a binding share sale and purchase agreement to divest its European headquartered low-latency market data business, QuantHouse, to BAHA Tech Holding AG (BAHA). BAHA is a privately-owned, Vienna-based market data provider founded in 1995. It provides real-time market data, financial news, technology and solutions for the financial services industry covering over 12 million financial instruments on more than 150 exchanges.
The decision to divest the QuantHouse business follows a strategic review Iress conducted as part of its transformation program. The review determined that Iress was not the natural owner of QuantHouse, and it would perform better under renewed ownership with the capacity and intent to invest in delivering specialist market data offerings at scale to global clients. Iress will retain its traditional market data offering as part of its Trading & Market Data business.
BAHA is to pay Iress €17.5m (A$31.4m) in cash consideration before costs upon completion, subject to customary working capital adjustments, warranties and indemnities. 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.
Completion of the sale is subject to BAHA ensuring it has the necessary market data agreements in place to ensure seamless continuity of service to QuantHouse clients. It is anticipated that the transaction will be completed by the end of the year. Following completion, Iress will continue to provide certain services for a period of up to 12 months to assist in the transition to BAHA’s ownership.
Iress Group CEO, Marcus Price, said: “With our transformation program now complete, Iress is focused on strengthening and growing our core business operations in Wealth and Trading & Market Data. While QuantHouse has been a valuable part of our business, we recognise its future potential will be best realised with an owner committed to investing in its global expansion.
“We are delighted that BAHA shares this vision and is the ideal owner to support QuantHouse in its next phase of growth. This transition represents an exciting opportunity for clients and employees, and we are committed to ensuring a seamless handover and continued collaboration in the future.”
BAHA founder and President Christian Baha, said: “We welcome the QuantHouse team as a new part of the BAHA family. QuantHouse will continue to operate under its strong brand as an independent unit.
“The BAHA offering now includes a comprehensive portfolio of high-end institutional information services including the BAHA terminal workstation, an independent proprietary global newswire, a leading consolidated global data feed and high-quality time series data sets critical for back testing and compliance requirements.
“Combined with QuantHouse, which has built an excellent reputation as a pioneering provider of low latency real-time market data for over 21 years, we look forward to expanding together as an innovative company that will revolutionise the high-end institutional financial market.”
This announcement was authorised by the Iress Board.
-ENDS-
For further details, please contact:
Melanie Budden
Mobile: +44 (0) 7974 937970
Email: melanie.budden@therealizationgroup.com
About Iress
Iress (IRE.ASX) is a technology company providing software to the financial services industry. We provide software and services for trading & market data, financial advice, investment management, superannuation, life & pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.
www.iress.com
About BAHA - the information company
BAHA is a leading provider of real-time market data, financial news, technology and solutions for the financial industry.
BAHA offers real-time data terminals for professionals, global real-time market data covering over 12 million financial instruments on more than 150 exchanges, as well as 24/7 breaking news with global coverage and free web and mobile apps.
www.baha.com
The decision to divest the QuantHouse business follows a strategic review Iress conducted as part of its transformation program. The review determined that Iress was not the natural owner of QuantHouse, and it would perform better under renewed ownership with the capacity and intent to invest in delivering specialist market data offerings at scale to global clients. Iress will retain its traditional market data offering as part of its Trading & Market Data business.
BAHA is to pay Iress €17.5m (A$31.4m) in cash consideration before costs upon completion, subject to customary working capital adjustments, warranties and indemnities. 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.
Completion of the sale is subject to BAHA ensuring it has the necessary market data agreements in place to ensure seamless continuity of service to QuantHouse clients. It is anticipated that the transaction will be completed by the end of the year. Following completion, Iress will continue to provide certain services for a period of up to 12 months to assist in the transition to BAHA’s ownership.
Iress Group CEO, Marcus Price, said: “With our transformation program now complete, Iress is focused on strengthening and growing our core business operations in Wealth and Trading & Market Data. While QuantHouse has been a valuable part of our business, we recognise its future potential will be best realised with an owner committed to investing in its global expansion.
“We are delighted that BAHA shares this vision and is the ideal owner to support QuantHouse in its next phase of growth. This transition represents an exciting opportunity for clients and employees, and we are committed to ensuring a seamless handover and continued collaboration in the future.”
BAHA founder and President Christian Baha, said: “We welcome the QuantHouse team as a new part of the BAHA family. QuantHouse will continue to operate under its strong brand as an independent unit.
“The BAHA offering now includes a comprehensive portfolio of high-end institutional information services including the BAHA terminal workstation, an independent proprietary global newswire, a leading consolidated global data feed and high-quality time series data sets critical for back testing and compliance requirements.
“Combined with QuantHouse, which has built an excellent reputation as a pioneering provider of low latency real-time market data for over 21 years, we look forward to expanding together as an innovative company that will revolutionise the high-end institutional financial market.”
This announcement was authorised by the Iress Board.
-ENDS-
For further details, please contact:
Melanie Budden
Mobile: +44 (0) 7974 937970
Email: melanie.budden@therealizationgroup.com
About Iress
Iress (IRE.ASX) is a technology company providing software to the financial services industry. We provide software and services for trading & market data, financial advice, investment management, superannuation, life & pensions and data intelligence in Asia-Pacific, North America, Africa, the UK and Europe.
www.iress.com
About BAHA - the information company
BAHA is a leading provider of real-time market data, financial news, technology and solutions for the financial industry.
BAHA offers real-time data terminals for professionals, global real-time market data covering over 12 million financial instruments on more than 150 exchanges, as well as 24/7 breaking news with global coverage and free web and mobile apps.
www.baha.com
