Iress has finalised the $52 million sale of its Managed Funds Administration (MFA) business to SS&C, while also kicking off the divestment process for its Platforms unit.
ASX-listed Iress has today announced progress against its strategy. The sale of the Managed Funds Administration (MFA) business to SS&C Technologies was completed on Sunday 1 October. As announced on 21 August 2023, SS&C have purchased the MFA business for a total cash consideration of $52 million subject to customary working capital adjustments. Iress have stated that they will use the net proceeds of the sale to retire debt. Iress' Chief Executive Officer Marcus Price said, "In April, we outlined our plans for our Managed Portfolio of non-strategic assets. Our approach has been to set these businesses up for success and identify opportunities to realise value and a return of capital. Having now successfully completed the sale of MFA and launched the sale of our Platforms business, we are now taking steps to accelerate our Managed Portfolio strategy to realise further value for shareholders from these assets. "Iress today also announces management changes to acc