IRESS Market Technology - acquisition of IWL Limited's Financial Advisory Software business (Visiplan)
Type of assessment
Informal Review
Reference
27684
Acquirer(s)
IRESS Market Technology
Target(s)
IWL Limited
Industry
Financial Advisory Software
Summary
IRESS has acquired 100% of shares in IWL Ltd's Financial Advisory Software Business known as VisiPlan, as announced by the parties in February 2007.
Outcome of assessment
Not opposed
Total review days *
39
Commenced public review
10th April 2007
Date completed
4th June 2007
Market definition
The acquisition was considered in relation to the supply of financial planning software to financial planners in Australia.
Competition analysis
On 4 June 2007 the ACCC formed the view that the acquisition is unlikely to substantially lessen competition in the supply of financial planning software products to financial planners in Australia. Factors informing this conclusion include:
- financial planning groups have the option of developing their own tailored in-house financial planning software, as some groups already have;
- the market is characterised by growth, technological change and innovation. The ability and incentive for new or existing providers to develop improved products is likely to ensure the market remains competitive;
- COIN is likely to be an increasingly strong competitor and there are also other alternate suppliers of financial planning software to financial planners in Australia; and
- wrap providers may increasingly offer financial planning software in the future as the trend towards integrated packages continues.
Review timeline
Date
Event
10th April 2007
ACCC commenced review under the Merger Review Process Guidelines. Market inquiries commenced
24th April 2007
Transaction was completed
27th April 2007
Closing date for submissions from interested parties
4th June 2007
ACCC announced it would not oppose the acquisition
* Total Review days = Total business days less public holidays and time during which the review was suspended.
