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Australia’s Iress Shares Surge on Early Buyout Talks with Blackstone and Thoma Bravo

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Shares of Australian financial software firm Iress jumped up to 15.6% to A$9.69 on Friday, hitting the highest level since January, after the company disclosed early takeover discussions with U.S. investment giant Blackstone and private equity firm Thoma Bravo. The talks come after Blackstone previously made and withdrew a A$1.94 billion ($1.27 billion) takeover offer.

Iress stated it is in early-stage engagement with both firms to explore whether a new offer could be recommended by its board. No new per-share price was disclosed in the latest update. The stock’s rally marks its biggest intraday percentage gain since November 2023, though the current price remains below Blackstone’s earlier A$10.50 per share bid.

The takeover interest follows a broader trend of private equity firms seeking acquisitions in the Australian software sector. Recently, Infomedia agreed to a A$651 million takeover by TPG’s Asia-focused private equity fund.

Iress has a history of takeover attempts, notably a failed A$3 billion bid from Swedish firm EQT in 2021. For fiscal 2024, the company reported a net profit after tax of A$30.1 million and revenues of A$604.6 million.

Clearwater to Acquire Enfusion for $1.5 Billion to Expand International Reach

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Clearwater Analytics (CWAN.N) has reached an agreement to acquire financial software maker Enfusion (ENFN.N) in a $1.5 billion cash-and-stock deal. The transaction, which is part of Clearwater’s strategy to enhance its international footprint and penetrate the hedge fund industry, involves Enfusion shareholders receiving $5.85 in cash and $5.40 in Clearwater stock per share. This values the Chicago-based company at $11.25 per share, a 32% premium over Enfusion’s stock price on September 19, the day Reuters first reported the potential deal.

The announcement led to a nearly 9% increase in Enfusion’s stock price. The deal is seen as an effort by Clearwater to expand its capabilities by integrating Enfusion’s services, which focus on portfolio management and risk systems primarily for hedge funds. Clearwater’s CEO, Sandeep Sahai, highlighted the complementary nature of the two companies, with Clearwater’s post-trade analytics aligning with Enfusion’s pre-trade systems.

Enfusion, which projects a revenue of $201 million to $202 million in 2024, has attracted acquisition interest in the past, including from private equity firms like Francisco Partners, Vista Equity Partners, and Irenic Capital Management. The deal has garnered support from certain major shareholders, including FTV Management Company, ICONIQ Growth, and Enfusion’s CEO Oleg Movchan, who collectively hold about 45% of Enfusion’s voting power.

J.P. Morgan Securities and Kirkland & Ellis advised Clearwater, while Goldman Sachs and Dechert assisted Enfusion’s special committee in the transaction. The deal is expected to close in the second quarter of 2025.