Iress (IRE.ASX) today announced it has acquired QuantHouse, a leading international provider of market data and trading infrastructure. The total purchase price is up to €38.9 million (on a debt and cash free basis), with a material portion subject to earnout performance criteria through to the end of 2021.
QuantHouse operates internationally, with a focus on Europe, North America and Asia, providing more than 145 data feeds from exchanges and other data providers to clients globally.
Iress CEO Andrew Walsh said: “The provision of accurate, timely and cost-effective market data through our software and to a range of clients is an important part of Iress’ current and future business and our growth strategy.
“QuantHouse is highly complementary and strategically aligned to Iress’ existing and future activities and to its international offering, including Iress’ increasing focus on data. The acquisition will further strengthen Iress’ international market data business and provide opportunities to achieve cost synergies and scale.
“Importantly, the acquisition will expand Iress’ offering to clients globally. In particular, the acquisition will allow Iress to provide clients with real-time access to additional services, including international exchanges, with global MSCI coverage increasing from 52% to 75%. It will also meet client demand for increased channels for data beyond desktops.”
Management and employees
QuantHouse is being sold by its co-founder and chief executive Pierre Feligioni. The QuantHouse team will continue to be led by Mr Feligioni within Iress.
All QuantHouse people, including senior management, will be a core part of the Iress team.
Mr Walsh said: “We warmly welcome the QuantHouse team to Iress. QuantHouse reflects Iress with its international, strong and entrepreneurial approach. QuantHouse’s highly-regarded team of experts will help Iress further strengthen the products and services we provide to our clients. In addition, the introduction of Iress will broaden QuantHouse’s current offer to its clients.”
Mr Feligioni said: “The QuantHouse team and myself are very excited to be a part of Iress. Together, we can continue to innovate by growing our respective product scope and further developing a new generation of services for the best interests of both Iress and QuantHouse clients and partners. By working together, we will speed up innovation and uncover new ways to create value.”
The QuantHouse acquisition was executed through simultaneous signing and completion effective today.
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