King & Wood Mallesons (acting for Iress Limited) and McCullough Robertson (acting for OneVue Holdings Limited) are pleased to have successfully advised on the acquisition by Iress Limited (ASX: IRE) of OneVue Holdings Limited (ASX: OVH) by scheme of arrangement.
The purchase comprised an all-cash offer for 100% of OneVue shares at a total value of A$115.2 million ($0.43 per share), unanimously supported by OneVue's Board of Directors.
The strength of OneVue's execution and service model paired with the distribution and technology offered by Iress, dramatically hastens the execution of the strategy beyond what the two organisations could accomplish independently.
The McCullough Robertson team was led by Corporate and M&A Partners Adrian Smith and Ben Wood. Adrian Smith comments "it has been a privilege for McCullough Robertson to support OneVue's fantastic management team, and in particular CEO Connie Mckeage and CFO Ash Fenton, on a number of significant transactions, culminating in the excellent outcome which this transaction delivers for OneVue shareholders, clients and staff."
The KWM team was led by Corporate and M&A Partners Joe Muraca and Rob Kelly. Rob Kelly said the deal was among the first public Australian M&A transactions commenced and completed since the onset of COVID-19: "This should provide tremendous confidence – amid the challenges global markets currently face, that it is possible for buyers and sellers alike to diligence digital assets and potential growth, find value and manage risk."
Both teams agreed that the deal's successful conclusion was also "proof-of-concept" for effective remote collaboration between transaction parties and advisers: "Deals like this are possible because we've invested in next-generation legal and communications technology," Kelly and Smith said.
About OneVue: OneVue is the largest single third-party fund registry in Australia. It provides self-managed super funds, retail super and digital based investment solutions, through customised wealth management platforms.
About Iress: Iress is a technology company providing software to the financial services industry, with more than 9,000 clients and 500,000 users globally. Iress provides software for financial advice, trading and market data, investment management, mortgages, superannuation and data intelligence.
