Financial technology company IRESS is acquiring an international provider of market data and trading infrastructure.
IRESS will pay up to €38.9 million for QuantHouse which provides more than 145 data feeds from exchanges and other data providers to clients globally with a focus on North America, Europe and Asia.
The total purchase price is on a debt and cash free basis, with a material portion subject to earn out performance criteria through to the end of 2021, IRESS said.
QuantHouse's team, including senior management, will move across to IRESS with the transaction which was signed and completed on Friday.
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Quanthouse chief executive and co-founder Pierre Feligioni will continue to lead the firm's team at its new home at IRESS.
IRESS chief executive Andrew Walsh said the acquisition is strategically aligned to IRESS's business activities, including the ASX-listed company's increasing focus on data.
"The acquisition will further strengthen IRESS' international market data business and provide opportunities to achieve cost synergies and scale," Walsh said.
"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."
IRESS provides technology solutions trading and market data, advice, superannuation and lending solutions. It reported a net profit after tax of $64 million for 2018 which is 7% higher than the previous year.