Iress has entered a binding agreement to sell its UK mortgage sales and originations business to Bain Capital for a cash consideration of £85m ($A164.3m) before costs.
The business unit provides mortgage sales and origination software (MSO) and associated consulting services to banks and building societies in the UK. It was acquired by Iress more than a decade ago.
Net proceeds from the sale are expected to be approximately £70-73 million ($A135-141 million), subject to competition authority approval and novation of existing contracts.
The transaction is expected to be completed in the middle of the year, with the proceeds used to retire debt. Iress will provide support services for a period of up to 12 months after the transaction on a cost recovery basis.
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