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Cape Town - Software company IRESS announced on Wednesday that it has entered into an agreement to acquire INET BFA from Media24 for a total cash purchase price of R149.6m.
INET BFA delivers data feeds and financial analysis solutions covering South African, African and global pricing and company financial information and research to investment managers, auditors, corporations and government institutions.
IRESS said the acquisition of INET BFA will strengthen IRESS’ capability in South Africa and add to its existing operations providing trading, market data, portfolio and wealth management services. It will also enable it to offer clients a broader and deeper range of complementary solutions.
IRESS SA managing director Ray Pretorius said: "The acquisition of INET BFA aligns with IRESS’ strategy and objectives in South Africa and demonstrates our commitment to providing clients with a broad range of unified data and financial technology solutions."
As part of this transaction, all 118 INET BFA employees will join IRESS. The only exception is the chief executive Andrew Philbrick, who has pre-existing plans to pursue other personal interests.
The transaction is expected to be completed by the end of November.
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