Lonsec Research is pleased to announce that we have today exchanged contracts to purchase the iRate technology and client base from the administrators of the van Eyk group of companies.
The acquisition of iRate allows Lonsec Research to fast track their technology offering to the planning and fund manager markets. Joint CEO of Lonsec Fiscal Holdings (LFH), the holding company of Lonsec Research, Amanda Gillespie, said: “Lonsec’s reputation for quality research is acknowledged and respected in the market place. The acquisition of iRate will not only allow us to showcase our research to the current iRate clients, but also to enhance and evolve the delivery of research and portfolio construction tools to our existing client base.”
The acquisition is a major stepping stone for LFH who continue to build their stable of businesses throughout the financial services industry. LFH had recruited a new IT team last year to bring to fruition a number of technology plays across the Group. General Manager of the LFH technology, Alex Watson, said the move was extremely logical: “We were recruited to bring to market a series of integrated platforms that would allow advisors, fund managers, superannuation funds and other key financial services entities, access to our vast array of data and research, in a market leading environment. The acquisition of iRate will be a key plank in the process and will save us at least eighteen months of development time and testing.”
The smooth transition of clients on iRate is the focus of Lonsec Research over the coming months. As Lonsec Research’s CEO, David Erdonmez, indicated: “The immediate priority is to ensure the existing services to iRate clients are maintained as seamlessly as possible, and that these clients have confidence in the research rigour of Lonsec that will now underpin iRate. We are also pleased to confirm our commitment to proceeding with the release of iRate Version 5, a major upgrade which will provide material technological advances in portfolio construction for all users”. This is expected to be released in the first quarter of 2015.
Lonsec will be working with the liquidators, Moore Stephens, to liaise with clients with regard to services. The expected date of transition is in three weeks’ time.
