The Office of Fair Trading (OFT) is expected to reach its conclusion on whether the merger of Australian data and software provider IRESS with technology provider Avelo would hinder competition in the market in February.
In a statement on the Australian Stock Exchange, where IRESS is listed, the company said it expected the OFT's target date for completion of its review of the merger to be 18 February.
The OFT accepted IRESS' original undertakings last week, which presented the firm's take on how any disruption to competition in the sector following the merger would be mitigated.
IRESS said in its statement to investors: "IRESS maintains the view that the acquisition does not give rise to any substantive competition concerns and is continuing discussions with the OFT in this regard."
Meanwhile, IRESS has agreed to abide by a number of legally binding measures until the regulatory decision is made.
For instance, the firm will maintain the Avelo business as a going concern as part of the IRESS group and provide resources for the development of the business. It will also keep mortgage sourcing system Avelo Trigold as a separate brand.
The OFT previously consulted publicly on the merger following concerns that it could "result in a substantial lessening of competition" in the sector, which includes activities in financial services, except insurance and pension funding.
IRESS acquired Avelo in September for £210m, saying the deal marked its strategy of further developing and consolidating its foothold in the UK after entering the market in November 2011.
It announced in October that it planned to bring Avelo under the IRESS brand from 1 November.
Following the integration, IRESS' technology solutions and expertise stretches from capital markets information, order management and routing, through wealth management sourcing and advice and practice management technology, to mortgage sourcing and complete sales and origination.
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