The financial services software firm said it has entered into a binding share sale and purchase agreement to divest its European headquartered low-latency market data business, QuantHouse, to BAHA Tech Holding AG (BAHA).
BAHA is a Vienna-based company offering market data, financial news, technology and solutions for the financial services industry.
The data provider will pay Iress €17.5 million ($31.4 million) in cash consideration before costs upon completion, which is subject to customary working capital adjustments, warranties and indemnities.
The transaction is anticipated to be completed by the end of the year. Following completion, Iress will continue to provide certain services for a period of up to 12 months to assist with the transition.
According to Iress, the decision to divest QuantHouse followed a strategic review it conducted as part of its transformation program.
“The review determined that Iress was not the natural owner of QuantHouse, and it would perform better under renewed ownership with the capacity and intent to invest in delivering specialist market data offerings at scale to global clients. Iress will retain its traditional market data offering as part of its trading and market data business,” the ASX announcement said.
Earlier this year, Iress stated it had completed its transformation program which was first announced in April 2023 which covered six areas:
- Structure for accountability and improved performance.
- Reset the costs and asset base, including headcount reduction and asset realisation.
- Refocus on the core of wealth management, trading and market data, and superannuation.
- Manage portfolio for value.
- Finish technology uplift, including transition to platform architecture and cloud optimisation.
- Build a new business.
Within this, Iress sold its managed fund administration (MFA) business to SS&C Technologies in August 2023 for $52 million. In February 2024, it announced it would sell its platform business to Praemium and it divested its UK mortgages business to Bain Capital Tech Opportunities LP for $167 million.
Acknowledging the QuantHouse divestment on 22 April 2025, chief executive Marcus Price said Iress remains focused on driving growth in its wealth and market data divisions moving forward.
“With our transformation program now complete, Iress is focused on strengthening and growing our core business operations in wealth and trading and market data,” he said.
“While QuantHouse has been a valuable part of our business, we recognise its future potential will be best realised with an owner committed to investing in its global expansion.”
