IRESS enters the Asian market
IRESS Market Technology Limited (IRE) this morning announced its newly created Singaporean subsidiary IRESS Market Technology (Singapore) Pte Ltd, had purchased SENTRYi as it looks to increase its presence in the Asian wealth management market.
IRESS said the price paid for SENTRYi, which provides investment planning software across the Asian marketplace, was performance related with just 1.296 million Singaporean dollars ($1 million) paid upfront.
The remainder will be paid depending on the software meeting targets, however would not exceed $1 million per year. The company said the final figure might not be known for around 3 years.
Meanwhile, in the broader Asian market, IRESS said it would cap investments in the region to no more than $2 million per year.
The board also reaffirmed its ‘long standing’ policy of paying around 80% of underlying group profit as dividend.
At the close Friday, IRESS shares were $8.78 each.
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