Iress has acquired two software providers, in separate deals aimed boosting at its presence in both the capital markets and discretionary fund management space within the UK.
The group bought Proquote, a provider of trading, market data and connectivity solutions, and Pulse Software Systems, a provider of portfolio management software for private asset managers, for undisclosed sums.
As part of the deals, all 55 Proquote and Pulse management and employees are expected to join Iress. This will include Proquote managing director, David Tibbetts, and Pulse managing director, Mike Nicholls.
Iress has also appointed a new group executive for strategy in Simon New, whose initial focus will include overseeing the integration of the two businesses.
Mr New, who was most recently a director in financial services at Ernst and Young in London, will report directly to Iress chief executive Andrew Walsh.
Mr Walsh said: “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.”
He added that regulatory change and market demands mean there is an increasing need for unified, flexible and reliable technology solutions in the UK. “These acquisitions further Iress’ relevance as a strategic partner responding to this demand.
“As we integrate technologies, we will be able to provide our UK clients with a broader range of services such as equities and funds trading connectivity and increased market data coverage, benefitting those looking to add additional services as they grow.”
emma.hughes@ft.com
