SS&C Technologies, a US-based software provider to the financial services industry, has agreed to acquire the managed funds administration (MFA) business from Australian financial services technology firm Iress in an all-cash deal worth A$52m ($33.3m).

According to the Australian publicly-listed company, the proceeds from the transaction will be used for retiring debt.

Iress Group CEO Marcus Price said: “This transaction is an important step in executing against Iress’ refreshed strategy.

”As outlined to the market in April, we are committed to reducing costs, driving growth in our core Australian businesses, and managing our portfolio of non-strategic assets for value and the releases of capital.”

Iress’ MFA business is said to be among the largest outsourced unit registry providers in Australia.

The business unit has more than A$900bn ($576.9bn) in funds under assets across over 1,400 funds, four custodians, and 69 fund managers.

Iress’ MFA business offers administration services connecting custodians, responsible entities, and fund managers with financial advisers and investors.

The Australian company acquired the MFA business as part of its A$107m ($69m) purchase of OneVue in 2020.

Through the acquisition, SS&C Technologies aims to strengthen its position as a transfer agent and to extend its offering in Australia with unit registry capabilities.

The deal will facilitate the transfer of nearly 150 team members to SS&C Global Investor & Distribution Solutions, which focuses on transfer, unit and platform agency, and administration.

SS&C Technologies chairman and CEO Bill Stone said: “Today’s announcement enables SS&C to further develop its fund servicing footprint in Australia and elevate our global transfer agency capabilities.

”We are deeply committed to this region and look forward to expanding Australian asset managers’ access to best-in-class digital servicing, data solutions and servicing support across the investment management lifecycle.”

Subject to granting access to the systems and transferring the employees required to operate the MFA business, the transaction is anticipated to be complete by the end of Q3 2023.