POWERED BY MOMENTUM MEDIA
IRESS acquisition bring Pillar sale into play
Publicly-listed financial services technology provider, IRESS has injected itself into the calculations around the NSW Government's sale of Pillar Administration as a result of its move to acquire superannuation-focused software provider, Financial Synergy.
That is because Financial Synergy is Pillar's major provider with respect to the multi-million dollar platform consolidation exercise which is seen as fundamental to the Government's sale process of the administrator and its fortunes thereafter.
IRESS announced the transaction to the Australian Securities Exchange (ASX) yesterday, valuing the exercise at up to $90 million.
The announcement said that as a result of the transaction, IRESS had launched a fully underwritten institutional placement aimed at raising around $85 million.
IRESS chief executive, Andrew Walsh, said the acquisition of Financial Synergy would strongly complement the firm's existing capabilities and focus in Australia.
"IRESS currently provides a range of solutions to key segments of Australian financial services, underpinned by the growing superannuation industry," he said.
"Financial Synergy increases the range and scale of services and solutions IRESS can provide to clients of both businesses."
The ASX announcement said Financial Synergy was being sold by its majority owner and founder, David Orford, and the senior management team, with the senior management team being retained and continuing in their roles.
Significantly, Financial Synergy announced only last week that it had opened a new office in Wollongong to house its recently-launched managed services division.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
