Iress (ASX:IRE) completes share buyback; shares up

October 28, 2022 01:29 PM AEDT | By Sonal Goyal

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Highlights:

Iress has completed its on-market share buyback program today (28 October 2022).

Iress also signed an agreement with Commonwealth Superannuation Corporation to use Iress’ Acurity.

The initial term of the contract is five years.

IT solutions provider Iress Limited (ASX:IRE) on Friday (28 October 2022) announced that it has completed its share buy-back program, which was announced in July 2021. The company had declared that it would purchase around AU$100 million of fully paid ordinary shares.

The buy-back program is completed with the purchase of 9,094,178 shares at a volume-weighted average price of AU$10.996 apiece. The highest price paid by Iress is AU$12.55 per share and the lowest price paid is AU$8.56 per share.

Meanwhile, Iress shares were spotted trading 0.20% higher at AU$9.86 per share, while the benchmark index, ASX 200 Information Technology (INDEXASX:XIJ) was down 1.99% to 1,412.00 points. Including today’s gain, Iress shares have surged by 3.46% in the past five trading sessions. On a year-to-date (YTD) basis, Iress’ share price has dropped by 24.68%, and the yearly fall is 18.71%.

Iress’ deal with CSC

Iress shared via its official release that it has inked a master services agreement with Commonwealth Superannuation Corporation (CSC) to use Acurity, a financial software by Iress for managing its defined benefit scheme members.

CSC offers superannuation services to former and current Australian Defence Force and Australian Government employees.

Management Commentary

Andrew Walsh, CEO, Iress, commented on the development,

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