Australian wealth and financial markets software company IRESS has moved to acquire a leading and established provider of software to the Australian superannuation industry.
IRESS will acquire Financial Synergy, a privately-owned Australian company providing fund administration software to the superannuation and wealth management industries, for a cash purchase price of up to $90 million AUD. The transaction is expected to complete by 31 October 2016.
Financial Synergy is being sold by its majority owner and founder, David Orford, and senior management team. The senior management team have been retained. Headquartered in Melbourne, Financial Synergy has 126 employees.
Stephen Mackley will continue to lead the Financial Synergy business unit in IRESS, reporting directly to Andrew Walsh, CEO.
