Iress Market Technology Ltd (ASX:IRE) is expanding into South Africa through the purchase of technology services provider Peresys for around $56 million.
Iress says the acquisition will immediately establish its financial markets division in South Africa, building on the company's existing wealth management presence in the country.
Iress managing director Andrew Walsh says the combined companies will grow revenues while leveraging the largest fixed cost base.
Mr Walsh says the immediate focus will be on product opportunities, based around retail online trading, EMS, portfolio management and market data.
Iress will fund the acquisition through its existing cash reserves.
For the six months to 30 June, Iress Market Technology reported a net profit of $26.9 million.
IRE Price at posting:
$8.39 Sentiment: None Disclosure: Held
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