Join our daily newsletter At The Bell to receive exclusive market insights
- Iress (ASX:IRE) enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million (A$164.3 million) before costs
- Iress characterises the move as a means to divest non-core assets and fortify its financial position
- IRE last traded at $8.38, at 11:45am AEDT
Global Technology company, Iress (ASX:IRE) has entered into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million (A$164.3 million) before costs.
Iress characterises this move as a means to divest non-core assets and fortify its financial position.
“MSO stands out as the most advanced end-to-end software of its kind, revolutionising mortgage lending in the UK with its scalable, customer-centric value proposition,” Iress Group CEO Marcus Price said.
“Our decision to prioritise our core strengths last year means that now is the opportune moment for the Mortgages business to thrive under new ownership, building upon the robustness of its product platform.”
The Mortgages business of Iress offers mortgage sales and origination software (MSO) along with related consulting services to banks and building societies in the UK.
Iress acquired this business over a decade ago, during which it has emerged as a leading provider of mortgage origination software in the UK.
“We are pleased to have found Bain Capital as the acquirer, possessing the expertise and capital needed to invest in the growth of MSO for the benefit of its customers and employees.” CEO Marcus Price added.
Bain Capital is a software-focused fund specialising in partnering and investing in technology companies during critical growth and expansion phases.
It intends to merge the Mortgages business with another UK mortgage software provider, Finova, following the acquisition.
IRE last traded at $8.38, at 11:45am AEDT.
