The board of directors at Iress, a well-regarded stockbroking platform, has confirmed that the company considered a previous takeover approach from Blackstone, the New York-based private equity firm. The indicative offer was for A$10.50 per share, but was ultimately withdrawn. Iress provides software and services for the financial services industry. The company’s offerings span trading and market data, financial planning, investment management, and superannuation.
According to reports, Iress is now in preliminary discussions with both Blackstone and Thoma Bravo, another American private equity firm. The goal of these discussions is to ascertain whether a new offer can be formulated that the Iress board could recommend to shareholders. Iress has been an attractive target for private equity firms for some time, with Blackstone and Thoma Bravo both linked to the company in the past.
Previously, in 2021, Iress received three takeover proposals from Swedish private equity firm EQT. The highest of these offers reached A$15.91 per share. However, EQT eventually abandoned its pursuit of a deal. The current engagement with Blackstone and Thoma Bravo represents a renewed phase of potential acquisition activity for the Australian company.
The company is working with the two firms to determine a fair price. There is no guarantee that a deal will be reached, but the engagement shows interest in the stockbroking platform.
