(Alliance News) - Equiniti Group PLC said Monday it acquired US stock transfer agent Corporate Stock Transfer Inc for an undisclosed sum, as it looks to expand in the US.
The FTSE 250-listed financial technology outsourcer said that CST focuses on serving companies with market capitalisation of between USD50 million and USD300 million in the US.
"The acquisition of CST is an exciting step in our journey to consolidate our investment into equity based services in North America and do more in the markets we serve," Equiniti Chief Executive Officer Guy Wakeley said.
Denver, Colorado-based CST will join the US unit of Equiniti, EQ. It provided no financial details of the acquisition.
"CST's focus on serving their clients so they can achieve their goals aligns with our approach to service," EQ unit CEO Todd May said. "Our new Shareowner Online and EQ Insight portals will power the growth of this important segment of the industry."
"The addition of Corporate Stock Transfer brings opportunities to leverage our technology and operating model as well as adding a new strategic site in Denver to our growing US footprint", May added.
Shares in London-based Equiniti were 0.4% higher at 219.60 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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