Intertek Group Share News (ITRK)

(Sharecast News) - Product testing company Intertek on Friday said it was buying US-based software provider Alchemy for $480m (£368.8m) in cash.Founded in 2003 and headquartered in Austin, Texas, Alchemy employs approximately 270 people at four locations across the U.S. and Canada. It is majority owned by the private equity firm The Riverside Company. Intertek said it was buying on a cash and debt-free basis.Intertek said Alchemy expects to record Billings of $66m, adjusted billings EBITDA of $22m for the 12 months ending on 31 December 2018 andannualised organic billings growth of around 17% between 2016-2018.Intertek expected the acquisition to deliver attractive returns to shareholders and to be EPS accretive on a billings basis in the first full year after acquisition.