IRESS Market Technology - acquisition of IWL Limited's Financial Advisory Software business (Visiplan)

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.

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.