Iress (ASX: IRE) strikes deal with Bain Capital for UK Mortgage Business Sale

The Market Herald03-15

Iress (ASX:IRE) enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2419992559?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-03-15 11:21","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2419992559","market":"us","top_or_hot":-1,"title":"Iress (ASX: IRE) strikes deal with Bain Capital for UK Mortgage Business Sale","media":"The Market Herald","content":"<div>\n<p>Iress (ASX:IRE) enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million...</p>\n\n<a href=\"https://themarketonline.com.au/iress-asx-ire-strikes-deal-with-bain-capital-for-uk-mortgage-business-sale-2024-03-15/\">Source Link</a>\n\n</div>\n","source":"markerherald_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Iress (ASX: IRE) strikes deal with Bain Capital for UK Mortgage Business Sale</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIress (ASX: IRE) strikes deal with Bain Capital for UK Mortgage Business Sale\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-15 11:21 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://themarketonline.com.au/iress-asx-ire-strikes-deal-with-bain-capital-for-uk-mortgage-business-sale-2024-03-15/><strong>The Market Herald</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Iress (ASX:IRE) enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million...</p>\n\n<a href=\"https://themarketonline.com.au/iress-asx-ire-strikes-deal-with-bain-capital-for-uk-mortgage-business-sale-2024-03-15/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7503","symbol_name":"科技股","start_time":0,"source_url":"https://themarketonline.com.au/iress-asx-ire-strikes-deal-with-bain-capital-for-uk-mortgage-business-sale-2024-03-15/","article_id":"2419992559","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2419992559","pubTimestamp":1710472860,"sourceInfo":{"source_id":"markerherald_stock","name":"The Market Herald"},"weMediaInfo":null,"summary":"Iress  enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP  for a total cash consideration of 85 million  before costs. Iress characterises the move as a means to divest non-core assets and fortify its financial position. Iress characterises this move as a means to divest non-core assets and fortify its financial position.“MSO stands out as the most advanced end-to-end software of its kind, revolutionising mortgage lending in the UK with its scalable, customer-centric value proposition,” Iress Group CEO Marcus Price said.“Our decision to prioritise our core strengths last year means that now is the opportune moment for the Mortgages business to thrive under new ownership, building upon the robustness of its product platform.”The Mortgages business of Iress offers mortgage sales and origination software  along with related consulting services to banks and building societies in the UK.Iress acquired this business ove","collect":0,"end_time":0,"defaultTopTitle":"themarketonline.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7503":"科技股","IRE.AU":"IRESS LTD","BK7016":"应用软件"},"translate_title":"Iress（ASX：IRE）与贝恩资本达成出售英国抵押贷款业务的协议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IRE.AU":1},"content_text":"Iress (ASX:IRE) enters into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million (A$164.3 million) before costs\nIress characterises the move as a means to divest non-core assets and fortify its financial position\nIRE last traded at $8.38, at 11:45am AEDT\n\nGlobal Technology company, Iress (ASX:IRE) has entered into a binding agreement to sell its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities LP (Bain Capital) for a total cash consideration of £85 million (A$164.3 million) before costs.\nIress characterises this move as a means to divest non-core assets and fortify its financial position.\n“MSO stands out as the most advanced end-to-end software of its kind, revolutionising mortgage lending in the UK with its scalable, customer-centric value proposition,” Iress Group CEO Marcus Price said. \n“Our decision to prioritise our core strengths last year means that now is the opportune moment for the Mortgages business to thrive under new ownership, building upon the robustness of its product platform.”\nThe Mortgages business of Iress offers mortgage sales and origination software (MSO) along with related consulting services to banks and building societies in the UK.\nIress acquired this business over a decade ago, during which it has emerged as a leading provider of mortgage origination software in the UK.\n“We are pleased to have found Bain Capital as the acquirer, possessing the expertise and capital needed to invest in the growth of MSO for the benefit of its customers and employees.” CEO Marcus Price added.\nBain Capital is a software-focused fund specialising in partnering and investing in technology companies during critical growth and expansion phases. \nIt intends to merge the Mortgages business with another UK mortgage software provider, Finova, following the acquisition.\nIRE last traded at $8.38, at 11:45am AEDT.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2419992559"}