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Insig AI PLC - London-based machine learning and data science firm which serves the asset management industry, formerly known as Catena Group PLC - Enters conditional share purchase agreement to acquire the entire issued share capital of FDB Systems Ltd. London-based FDB Systems provides data and data solutions to hedge funds, asset managers, and private market investors. Insig AI will pay up to GBP10.0million to the selling shareholders. Payment will be GBP300,000 cash up front, with GBP3.7 million in 7.0 million shares at a price of 52.69 pence, with rest deferred based on revenue performance of FDB. In the six months to October 31, FDB Systems records revenue of GBP127,000 and a loss before tax of GBP25,000. Forecasts revenue between GBP900,000 and GBP1.7 million for 2023.
"Having worked with the FDB Systems team led by Simon Mahony for some time, we are delighted to be integrating them fully into Insig AI. As well as complementary and synergistic benefits, we will now be able to access FDB Systems' client list and growth," Chief Executive Steven Cracknell says.
Current stock price: 49.30 pence; up 1.7% on Thursday
Year-to-date change: down 99% since March name-change
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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