Firms Blackstone and Thoma Bravo are reported to be considering a takeover of the Australian financial services technology provider, and the firm announced that following a review of its leadership, “the role of deputy CEO is no longer required”.
As a result, Harry Mitchell will be leaving the company.
Marcus Price, group CEO of Iress, said: “On behalf of the Iress board and management team, I’d like to thank Harry for his outstanding contribution to Iress over the past two years, where he oversaw the turnaround of our UK business, a reset in APAC Wealth and led the divestment of Iress’ superannuation business.
“We wish Harry all the best for the future.”
Last year, Iress sold its UK mortgages business to Bain Capital.
Are your clients ready for the first Making Tax Digital reporting deadline?
Sponsored by BM Solutions
Mortgage Solutions has approached Blackstone and Thoma Bravo for comment.
Double-digit growth for UK division
Iress’ UK arm reported a 45% increase in earnings to £4.9m compared to last year, as well as a 6% rise in revenue. It also grew its margin from 12.5% to 17.3% on the previous corresponding period.
The firm said its financial performance coincided with strategic developments in the UK market, such as its Xplan platform being used by five of the top eight wealth management firms and the extension of its relationship with key partners, including intermediary platform Acre.
This was in addition to upgrades to its sourcing platforms and an integration with CIExpert.
Alistair Morgan, Iress’ CEO for the UK, said: “I am incredibly proud of what the Iress UK team has achieved. Our exceptional results are a direct reflection of our dedication to listening closely to our UK customers, forging deeper strategic partnerships and investing in technology uplifts that empower financial professionals to navigate and lead through industry change.
“These half-year results are another clear signal that we’re heading firmly in the right direction – and we’re not slowing down.”
Price added: “Iress’ continuing business has delivered a strong performance in the first half, underpinned by solid revenue growth in our global trading and market data business and continuing positive momentum in the UK.
“As we enter the next phase of our growth strategy, Iress is well-placed to capitalise on global growth opportunities – leveraging our core capabilities while selectively investing in new trading and wealth technologies. We see significant opportunities in emerging cloud and artificial intelligence (AI) technologies to enhance trading experiences and expand Iress’ wealth tech suite to meet the needs of the millions of people around the world who don’t have access to the financial advice they need.”
