Media24 sells INET to Iress for R149.6m

15 Sep 2016

International financial market data company Iress is buying INET BFA from Media24 for R149.6m. TMG sold INET to Naspers's (NPN) McGregor BFA in late 2013 for R113m.

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

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za