Iress Signs Deal to Sell Superannuation Business; Shares Rise 4%

MT Newswires Live

Jan 20, 2025

Iress (ASX:IRE) signed a deal to divest its Superannuation retirement fund software business to financial services provider Apex Group for AU$40 million in cash and up to AU$20 million in milestone payments for 12 months, according to a Monday filing with the Australian bourse.

The move was made following a strategic review which showed that while the financial technology firm can support Superannuation funds as part of its Wealth business, it does not own a regulated services provider for the said funds, the filing said.

The sale is slated for completion in the second quarter of the year subject to certain conditions including approval from the Foreign Investment Review Board, per the filing.

Iress' shares were up almost 4% in recent Monday trade.

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