If CEO Marcus Price is successful in passing “the rule of 40” test, the group will be valued in the same way as high-flying software-as-a-service companies Xero and WiseTech.
, Price and the board have pinned their futures to a clear and specific vision, which should be easily measurable for years to come.
To pull it off requires a fresh start and some ruthless decisions. Gone are the grand global growth plans and, in their place, a decision to refocus wholly on its Australian wealth, trading and markets data, and superannuation businesses.Two of the three now-core businesses – Australian wealth and trading and markets – already pass the rule of 40 test. The third is newer and theThe strategy was accompanied by 369 job cuts, worth 10 per cent of the workforce as at the end of last year.
He says he was the “not wedded-to-the-past guy” who could see the company had diverted from its software roots and now “looked like a pretty boring industrial company” to investors. The evidence was in the share price: Iress is up 26.3 per cent on a total return basis in the past five years, while the SLost decade
“The idea now is to get much closer to customers to reinvest and double down on our core, and then start participating with them in the growth of those industries.”So Price, with the board’s blessing, has split everything into two buckets: core and manage for value. Manage for value is everything else, but most notably its UK mortgages and sourcing businesses and its local MFA and platforms arm . Analysts reckon the whole manage-for-value portfolio could go in time. JPMorgan put a $330 million “conservative” valuation on the assets.L responsibility for line managers.
Whatever happens, Price says he expects those offshore businesses to continue to be linked to Iress, distributing its products such as Xplan, perhaps under licence or other franchise-like structures.
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