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Iress eyes better software integrations after acquisition spree – The Australian Financial Review

Software integrations

Iress told investors that bringing together its various capabilities “into a single experience through commercialised, productised and unified APIs” is a core part of its strategy focus over the next four years.

“We are pleased to deliver solid results for the first half of 2021, in line with full-year guidance. Pro forma net profit was up 9 per cent and pro forma earnings per share was up 6 per cent versus the prior comparative period,” Iress chief executive Andrew Walsh said.

“Recurring revenue continues to underpin Iress, making up around 90 per cent of total revenues. Cash conversion is another highlight of our model, at 90 per cent. With our pro forma return on invested capital consistent at 9 per cent, and conservative balance sheet, we are able to self-fund technology investments to support scale and reward shareholders.”

In terms of new customers, Iress said that it wanted to target the superannuation space, investment infrastructure industry, and the British private wealth sector for further areas of growth.

The company did not update the market as to whether it would accept the takeover bid by EQT, a Sweden-based private equity firm that is in the middle of a 30-day open book due diligence period on the Australian software firm.

Iress’ stock was trading up 3¢ at $15.09 on Thursday afternoon.

Source: https://www.afr.com/technology/iress-eyes-better-software-integrations-after-acquisition-spree-20210819-p58k5m

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