The international capital markets and wealth management solutions provider has made two acquisitions for an undisclosed sum.

Australia-headquartered IRESS has acquired Proquote and Pulse Software Systems to boost its presence in the capital markets and discretionary fund management space within the UK.

The company bought Proquote, a provider of trading, market data and connectivity solutions in the UK, from London Stock Exchange Group, its owner since 2003. The deal is expected to be completed later this year. Proquote serves a range of clients, including wealth managers and private investors. Its offering includes a multi-venue trading system, market data terminals and risk management. 

The acquisition of Pulse, a provider of portfolio management software for private asset managers, aims to enhance IRESS's focus in the UK discretionary fund management market. Following the transactions, all 55 Proquote and Pulse management employees will join IRESS.

“These acquisitions contribute to IRESS’s strategy of delivering broad functionality, integrated solutions across interconnected and converging sectors within the UK. The transactions build significant market share in the areas of retail trading and discretionary funds management, order routing and connectivity,” said Andrew Walsh, IRESS chief executive.

“In addition, their technological capability and capacity adds new dimension to the service we can provide our clients in the UK and will also allow clients of Pulse and Proquote to benefit from IRESS’s experience and capability."

IRESS has also hired Simon New, previously Ernst & Young's director in financial services, as group executive of strategy. Based in the UK, he will oversee the integration of the two businesses, reporting directly to Walsh.