IRESS announced it has entered into an agreement to acquire INET BFA, a leading provider of African market data, analysis tools and financial data feeds from Media24 for a total cash purchase price of R149.6 million.
INET BFA delivers data feeds and financial analysis solutions covering South African, African and global, pricing and company financial information and research to investment managers, auditors, corporations and government institutions.
The acquisition of INET BFA will further strengthen IRESS’ capability in South Africa, adding to its existing operations providing trading, market data, portfolio and wealth management services. The addition of INET BFA’s highly-respected solutions will see IRESS able to offer clients a broader and deeper range of complementary solutions, supported by an expanded and experienced on the ground team.
Ray Pretorius, IRESS Managing Director, SA said: “IRESS has had a presence in South Africa for almost ten years, since 2007, and is dedicated to building its operations in the region. The acquisition of INET BFA aligns with IRESS’ strategy and objectives in South Africa and demonstrates our commitment to providing clients with a broad range of unified data and financial technology solutions.
“I am very pleased the INET BFA team will be bringing their expertise to IRESS. This is a team with longstanding and far-reaching relationships and local market knowledge. They will be a great asset to our existing team and capability.”
As part of this transaction, 118 people will join IRESS. This represents all INET BFA people, with the exception of the chief executive, Andrew Philbrick, who has pre-existing plans to pursue other personal interests.
The transaction is expected to complete no later than the end of November.
