Iress has completed the sale of its UK Mortgage Sales & Originations business to Bain Capital Tech Opportunities.

As announced back in March, Bain has purchased the UK Mortgages business for a total cash consideration of £85m before costs.

Iress’ Mortgages business provides mortgage sales and origination software (MSO) and associated consulting services to banks and building societies in the UK.

Iress acquired the Mortgages business over 10 years ago, during which time it became a major  provider of mortgage origination software in the UK.

Iress group chief executive Marcus Price said: “This is the fourth and largest divestment we have successfully executed under our transformation program. The net proceeds of all divestments have been used to retire debt, with our debt to leverage ratio seeing considerable improvement – paving the way for a return to maintainable dividends.”

Net proceeds from the sale are expected to be approximately £75m ($A147m1). Iress will provide support services for a period of up to 12 months after the transaction on a cost recovery basis to ensure a smooth transition.