Iress said the deal would further strengthen its capability in SA, adding to its existing operations providing trading, market data, portfolio and wealth management services.
Iress, founded in Australia in 1993, now also has offices in Asia, Canada, New Zealand, SA and the UK.
It said on Wednesday that the addition of INET's South African, African and global data feeds would enable it to offer "a broader and deeper range" of products, and expand and its team.
"The acquisition of INET BFA aligns with IRESS's strategy and objectives in SA, and demonstrates our commitment to providing clients with a broad range of unified data and financial technology solutions," Iress MD Ray Pretorius said.
As part of this transaction, 118 people will join Iress - the entire INET BFA staff, except for CEO Andrew Philbrick.
The transaction is expected to be completed by end-November.
Source: BDpro
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