IRESS has entered into an agreement to acquire INET BFA from Media24 for a R149.6 million.

INET BFA delivers data feeds, financial analysis and information, and research to investment managers, auditors, corporations, and government institutions.

IRESS said the acquisition will strengthen its capabilities in South Africa, adding to its trading, market data, portfolio, and wealth management services.

As part of the transaction, 118 people will join IRESS. This represents all INET BFA employees, with the exception of the chief executive, Andrew Philbrick, who plans to pursue other interests.

The transaction is expected to be completed before the end of November.

Naspers-owned McGregor Bureau for Financial Analysis (BFA) bought I-Net Bridge from Times Media Group in 2013, for R115 million.

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