ASX-listed IRESS (ASX:IRE) has announced its move into Asia with the acquisition of Singapore-based SENTRYi Pte Ltd.
The financial market and wealth management systems provider said in an ASX statement that the acquisition would be a valuable step in extending IRESS’ investment and growth strategy in Asia.
SENTRYi develops, distributes and supports investment planning tools in the Asian market place.
IRESS is paying an upfront cash payment of SGD$1.296 million with a final payment assessed on three years based on business growth over the period.
IRESS managing director Andrew Walsh said the acquisition, made through the company’s IRESS Market Technology (Singapore) subsidiary, would help it make further inroads into Singapore, Taiwan, Malaysia and Hong Kong.
“Our immediate starting component for growth will be the existing SENTRYi software and the strong relationships already developed by SENTRYi with current and potential key customers,” Walsh said.
“Beyond this, our goal will be to localise existing software functionality and services available in IRESS for the Asian market. Our initial focus is in fresh opportunities, such as extending our risk and research and analytics capability for the Singapore market.”