Iress Reports Preliminary Takeover Talks With Blackstone, Thoma Bravo

Australian financial software firm Iress has confirmed it is in early-stage discussions with U.S. investment giant Blackstone and private equity firm Thoma Bravo regarding a potential takeover offer. A previous proposal from Blackstone, valuing Iress at A$1.94 billion (A$10.50 per share), was withdrawn, but new talks could see a bid valued at around A$1.9–A$2 billion. The company board is evaluating whether any forthcoming offers could be recommended to shareholders. This interest comes amid a broader surge of private equity activity targeting Australia-listed software companies, with recent deals such as TPG's acquisition of Infomedia for A$651 million. Iress, which reported a net profit of A$30.1 million in fiscal 2024, has previously attracted and then lost takeover offers, including a $3 billion deal from EQT in 2021 that ultimately fell through.