Iress seals double software swoop

Business-Handshake-Finance-Deal-700.jpg

Software specialist Iress has announced two acquisitions, including the purchase of a market data provider from the London Stock Exchange.

Iress has bought Proquote from the LSE and Pulse Software Systems, which develops portfolio management software for asset managers. The amount paid for both firms has not been disclosed.

The deal will also see all 55 staff at both businesses join Iress, including Proquote managing director David Tibbetts and Pulse founder Mike Nicholls.

The firm has additionally recruit EY financial services director Simon New as group executive – strategy, with a remit to oversee the integration of the two businesses.

New will report directly to Iress group chief executive Andrew Walsh.

Walsh says: “These acquisitions contribute to Iress’ strategy of delivering broad functionality, integrated solutions across inter-connected and converging sectors within the UK.

“The transactions build significant market share in the areas of retail trading and discretionary funds management, order routing and connectivity.

“In addition, their technological capability and capacity adds new dimension to the service we can provide our clients in the UK and will also allow clients of Pulse and Proquote to benefit from Iress’ experience and capability.”