Iress has finalized the sale of its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities. This division specializes in mortgage sales and origination software, along with consulting services tailored for banks and building societies in the UK.

Iress acquired the Mortgages business over a decade ago, during which it established itself as a leading provider of mortgage origination software in the UK market. The sale marks a significant milestone in Iress' ongoing transformation strategy.

Marcus Price, the group chief executive of Iress, highlighted that this transaction is the fourth and largest divestment executed under their transformation program. The proceeds from this and previous divestments have been directed towards reducing debt, resulting in a notable improvement in the company's debt-to-leverage ratio. This financial maneuvering positions Iress for a potential return to sustainable dividend payments.

The net proceeds from the sale are anticipated to be around £75 million (approximately $A147 million). To facilitate a seamless transition, Iress will continue to provide support services for up to 12 months post-transaction on a cost recovery basis.