IRESS, a supplier of technology for financial markets, wealth management and the mortgage industry, has agreed to acquire INET BFA, a financial data business owned by South African publisher Media 24.

The transaction for a cash purchase price of R149.6m  is expected to be completed by November 30, 2016.

Ray Pretorius, IRESS’ Managing Director in South Africa, said IRESS has had a presence in South Africa for almost ten years, since 2007, and is dedicated to building its operations in the region.

“The acquisition of INET BFA aligns with IRESS’ strategy and objectives in South Africa and demonstrates our commitment to providing clients with a broad range of unified data and financial technology solutions,” he said.

Media24 has repositioned its portfolio to move to online services and commerce particularly in the digital media, e-fashion and job classified sectors.

Esmaré Weideman, Media24’s CEO, said: “Since acquiring I-Net Bridge in November 2013, and the subsequent consolidation with McGregor BFA, INET BFA chief executive Andrew Philbrick and his team have built one of Africa’s leading stock market and companies’ research data businesses underpinned by comprehensive data and really smart technology.”

“Financial data is no longer core to Media24’s operations and we are happy to have found such a suitable buyer in IRESS, for which this is a natural fit,” he said.

The acquisition of INET BFA will further strengthen IRESS’ capability in South Africa, adding to its existing integrated market data, trading, portfolio and wealth management solutions.

As part of the transition, all 118 INET BFA’s employees, with the exception of CEO Andrew Philbrick will transfer to IRESS.

INET BFA’s products comprise business to business information solutions sold to financial professionals in the asset management and investment banking sectors, and to professional experts, government, regulators and the media.

Philbrick said: “INET BFA has for 20 years built a leading, niche African product and content position. IRESS brings global scale, along with a well-respected presence in our home market, and a set of complementary products that will provide broader offerings to our clients. The acquisition presents an exciting next chapter for our team and clients.”