Financial services firm Iress Wealth Management (Iress) has increased its presence in the advisory software market with the purchase of Dealer Management Systems (DMS).
The listed company's acquisition of DMS now gives Iress access to a client book of more than 100 dealer group licensees, ranging from small boutique planning groups to some of the industry's top tier firms. DMS features the remuneration management business and the FundClick technology for application form processing.
The acquisition also broadens Iress' offering of remuneration management and dealer-pay systems, Iress Wealth Management general manager Andrew Walsh said.
"DMS is a benchmark for dealer remuneration, and our combined strength in this area will provide our clients and prospects further opportunity to leverage our systems development and scale, to help them manage their business growth, efficiency, and management information," Walsh said.
"The acquisition further demonstrates our commitment and resolve to aggregate views of FUM, adviser productivity, and client profitability in fully integrated adviser and dealer desktops."
Under the terms of the acquisition, DMS chief executive John Brabender will remain with the group for a period of three months for the purpose of transitioning the business to Iress.
Iress's acquisition of DMS was finalised for 1,083,334 shares in Iress.
