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June 1, 2020

Wealth tech Iress to snap up OneVue

Wealth tech firm Iress has inked a scheme implementation agreement to buy 100% of the shares of managed fund provider OneVue.

The offer price is 40 cents per share. The deal values OneVue at $107m.

Iress CEO Andrew Walsh said: “A combined Iress and OneVue will provide a compelling proposition to both OneVue and Iress’ clients as market dynamics continue to change.

“This includes the development of software and services that brings advice and investments closer together, resulting in greater efficiency and productivity for professional advisers and business in Australia.”

The board of OneVue has recommended the offer unanimously.

The deal awaits shareholder and regulatory nod, with implementation anticipated in the third quarter of this year.

It is not subject to due diligence or financing conditions, OneVue said in a stock exchange filing.

At the same time, Iress launched an equity raising for the acquisition.

OneVue managing director Connie Mckeage, said: “The offer represents a significant premium to our current share price and a full cash offer provides compelling certainty for our shareholders.

Earlier this year, Iress acquired O&M Systems, a British software firm that offers pension and investment data and comparison solutions.

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