Media24 is selling financial and market data feeds provider INET BFA to financial markets technology specialist IRESS for R149,6m in cash.
The acquisition of INET BFA will add to IRESS’s trading, market data, portfolio and wealth management services in South Africa, IRESS said in a statement.
“The addition of INET BFA’s highly respected solutions will see IRESS able to offer clients a broader and deeper range of complementary solutions, supported by an expanded and experienced on-the-ground team,” it said.
As part of this transaction, 118 people will join IRESS. This represents all of INET BFA employees, with the exception of the CEO, Andrew Philbrick, who will pursue other, pre-existing interests.
The transaction is expected to be completed by the end of November. — © 2016 NewsCentral Media