Financial software services company, Iress (ASX:IRE):
has decided not to proceed with the divestment of its UK Mortgages business.
Originally announced on 11 June 2021.
The UK Mortgages business currently:
contribut[es] £16.1m of revenue and £6.4m of NPAT
Why?
During the sale process, global market volatility increased and technology company valuations declined. It became evident that purchasers' valuations were likely to be below levels that represent a reasonable return to Iress' shareholders.