Iress to sell UK mortgages business

Advancement in transformation strategy

Jaskeet Briah
clock • 1 min read

Technology provider, Iress, has entered into a binding agreement to sell its UK Mortgages Sales & Originations business to Bain Capital Tech Opportunities.

The business is being sold for a total cash consideration of £85 million before costs and marks a "significant" advancement in Iress' transformation strategy to divest non-core assets and strengthen its balance sheet. Iress provides software to the financial services industry, including the protection sector. Its Mortgages business, which the technology provider acquired over 10 years ago, provides mortgage sales and origination software (MSO) and associated consulting services to banks and building societies in the UK. Marcus Price, chief executive officer, Iress Group, said: "Our de...

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