Fintech Iress is to sell its Pulse portfolio management software to SecuritEase Holdings UK Limited, part of New Zealand-based SecuritEase group.

The business is being sold by Iress for an undisclosed sum.

Iress has been overhauling its business over the past year after announcing a major shake-up a year ago in tandem with plans to axe 225 jobs, about 10% of its global workforce.

Pulse provides portfolio management services to UK private asset managers who work with discretionary clients.

Iress acquired the Pulse business in 2015. 

Iress’ UK group executive Harry Mitchell, said: “This divestment aligns with Iress’ strategy of refocusing on its core capabilities and streamlining operations in the UK and represents another step forward in our transformation strategy.

“Our objective was to find a natural home for Pulse that was in the best interests of our clients and people over the long term, and we’re confident we have found this in SecuritEase. We look forward to working with them on a smooth transition.”

Iress’ managing director of UK Wealth Alex Hore, said: “This is a great result for our clients, as it helps us build a more focused and resilient UK wealth business. We’ve made great strides in uplifting our product and service experience and doubling down on our core competencies in advice software will only accelerate the progress made.”

The transaction is expected to be completed within 30 days of signing and requires no financing or regulatory approvals, the firm said.