Financial planning software provider Iress will be able to offer its users access to mortgage analytics after its acquisition of TransActive Systems for $1.9 million.
Following the deal, the company aims to improve its customer service and evolve dealer group activities into the mortgage arena, according to Iress general manager wealth management Andrew Walsh.
"We've been noticing more and more of our clients wanting to provide advice on mortgages and many are no longer referring it out to external mortgage brokers," Walsh told InvestorDaily.
"Like with all parts of functionality we want to make sure we continue to be relevant and adapt as our client base grows and morphs."
The software provider believes the acquisition gives it a distinct competitive advantage over its opponents in the market.
"If we can deliver efficiency to the dealer group across the different arms of advice then that sets us apart from our competitors," Walsh said.
The new capability will be provided on top of the firm's existing applications covering portfolio management, customer relations management, risk research and investment modelling.
Iress intends to make the mortgage functionality available to users of VisiPlan and Xplan by the end of September 2007.
This process will be completed by the way of a systems upgrade and users will have to pay an additional fee for the mortgage module.
The consideration for the purchase was settled as a cash deal.
Walsh would not rule out further acquisitions.
"There are a number of opportunities around that we continue to look at ... we think that the scale at which we operate now provides certain opportunities that ensure through our investment into the platform is of benefit to the end users," he said.
