IRESS to buy two UK-based financial technology vendors

IRESS has agreed to acquire UK-based market data software providers Proquote and portfolio management company Pulse Software Systems

Australian financial software company IRESS has agreed to acquire UK-based market data software providers Proquote and portfolio management company Pulse Software Systems for a combined purchase price of £37.61m.

The dual acquisition is set to bolster IRESS’ current presence in the UK, especially in the capital markets and fund management space, the firm said.

Proquote is owned by the London Stock Exchange Group and plays a key role in retail trading and connectivity in the UK.

The purchase of Proquote will also include LSE Hub, a FIX order-routing business providing trade order connectivity between institutional investors and brokers.

Under the deal, a total of 55 staff from Proquote and Pulse will join IRESS including Proquote managing director David Tibbetts and Pulse managing director and founder Mike Nicholls.

The acquisitions are scheduled to complete in the fourth quarter of 2015.

Additionally, IRESS has hired Simon New as group executive -strategy. He will initially focus on overseeing the integration of the two businesses.

Based in the UK, New will report directly to IRESS chief executive Andrew Walsh. He joined IRESS from EY in London, where he worked as a director, wealth and asset management.