News: IRE Iress acquires INET BFA in South Africa

Sept 14 (Reuters) - Iress Ltd (IRE) :

• Iress acquires INET BFA in South Africa (IRE)
• Deal for for a cash purchase price of R149.6 million
• Entered into an agreement to acquire INET BFA
• Acquisition costs will be met through available cash and existing debt facilities
• Expects contribution by inet bfa, after initial integration efforts in 2017, to reflect an acquisition EBITDA multiple of well below 10x
• Says annualised revenue for the combined south african business will be in excess of R400 million
• After management adjustments revenue of inet bfa in 2016 is estimated at R134 million and similarly EBITDA is estimated at R10.5 million

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