IRESS, a provider of share market and wealth management systems in Australia, has announced that it will acquire UK-based software firm Avelo FS Holdings for £210 million (US$322.5 million).
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IRESS stated that Avelo’s wealth management business mirrors its own and its product suite spans the entire financial services value chain.
Andrew Walsh, CEO of IRESS, said: "This is a unique and attractive opportunity to establish scale, revenue and relationship footprint in the UK.
"Avelo has a strong strategic fit with our wealth management business and significantly builds upon our organic success in the UK. It also introduces mortgage sourcing and distribution technology strength that will expand IRESS’ capabilities within financial services."
Following the acquisition, current Avelo CEO Simon Badley will report to Walsh as IRESS UK managing director while current IRESS UK managing director Mark Thelwell will be responsible for the positioning of its XPLAN software in the UK market.
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