Australian Securities Exchange (ASX) announced an agreement to sell its 18.6% shareholding in financial software provider IRESS for $385 million.
Dominic Stevens, ASX’s managing director and CEO, said in a statement: “IRESS has been an attractive investment for ASX over many years. But we believe now is the right time to divest as it no longer provides the strategic value to ASX that it once did. ASX is focused on a multi-layered growth strategy built upon our position as an independent and reliable operator of financial market infrastructure.”
“When ASX invested in IRESS’sinitial public offering in 2000, both ASX and IRESS were predominantly focused on servicing the Australian equities market. Since then, both businesses have successfully evolved and expanded,” he added. ASX is reviewing its options for the proceeds of the Sale and will provide an update upon completion of the review.
The move comes as ASX moves from CHESS to a DLT-based settlement system provided by Digital Asset, in which the bourse holds a 7% equity stake.