Financial planning technology provider Iress has made its initial entry into the Asian market through the acquisition of Singapore-based software provider Sentryi.
Consideration for the purchase consisted of a $1 million upfront cash payment plus a final payment that will be determined by Sentryi's business growth over the next three years. The total acquisition price will represent one times the recurring revenue amount at the time of settlement.
The deal was carried out through Iress's new Asian subsidiary called Iress Market Technology (Singapore).
Sentryi is an independent software provider currently supplying investment planning applications across three locations in the Asian arena.
As such, its software has multi-lingual capability and is being used by institutionally-owned as well as independent financial advisory groups.
The Sentryi software is currently available in Singapore, Malaysia, Hong Kong and Taiwan.
"Sentryi has made a solid start in Singapore and the region, and with Iress providing financial confidence and capacity and with technology synergies, we are confident in the opportunity to grow our Asian wealth management business," Iress managing director Andrew Walsh said.
"Our immediate starting component for growth will be the existing Sentryi software and the strong relationships already developed by Sentryi with current and potential key customers," he said.
"Beyond this our goal will be to localise existing software functionality and services available in Iress for the Asian market."
Iress will be concentrating on extending its risk research and analytical capability to Singapore initially, according to Walsh.
