Iress to Divest QuantHouse Market Data Business to BAHA Tech Holding for €17.5M

Iress today announced it has entered into a binding agreement to sell its European-headquartered low-latency market data business, QuantHouse. The buyer is BAHA Tech Holding AG (BAHA), a privately-owned market data provider based in Vienna, founded in 1995.

BAHA provides real-time market data, financial news, technology, and solutions for the financial services industry, covering over 12 million financial instruments across more than 150 exchanges.

Iress stated that the decision to divest QuantHouse followed a strategic review conducted as part of its transformation program. This review concluded that Iress was "not the natural owner" of QuantHouse and that the business was expected to perform better under new ownership with the capacity and intent for investment to deliver specialist market data offerings globally at scale. Iress will retain its traditional market data offering as part of its Trading & Market Data business.

Under the terms of the agreement, BAHA is to pay Iress a cash consideration of €17.5 million (A$31.4 million) upon completion, before costs and subject to customary working capital adjustments, warranties, and indemnities. Additionally, Iress has agreed to a five-year supply agreement with BAHA, under which BAHA will provide existing QuantHouse market data feeds into Iress' software.

Completion of the sale is contingent upon BAHA ensuring it has the necessary market data agreements in place to guarantee seamless continuity of service for QuantHouse clients. The transaction is anticipated to be completed by the end of the year. Following completion, Iress will continue to provide certain services for up to 12 months to aid the transition to BAHA's ownership.

Iress Group CEO, Marcus Price, commented, "With our transformation program now complete, Iress is focused on strengthening and growing our core business operations in Wealth and Trading & Market Data. 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." Mr. Price added, "We are delighted that BAHA shares this vision and is the ideal owner to support QuantHouse in its next phase of growth. This transition represents an exciting opportunity for clients and employees, and we are committed to ensuring a seamless handover and continued collaboration in the future."

BAHA founder and President Christian Baha stated, "We welcome the QuantHouse team as a new part of the BAHA family. QuantHouse will continue to operate under its strong brand as an independent unit." Mr. Baha also noted the expanded offering of BAHA, which "now includes a comprehensive portfolio of high-end institutional information services." He concluded, "Combined with QuantHouse, which has built an excellent reputation as a pioneering provider of low latency real-time market data for over 21 years, we look forward to expanding together as an innovative company that will revolutionise the high-end institutional financial market."