(Alliance News) - MJ HUdson Group PLC said Wednesday it will acquire fund performance analytics firm PERACS Group for up to EUR6.0 million in a mixture of cash and shares.
The asset management consultant will pay an initial EUR1.4 million through the issue of 586,016 shares. There is also a deferred and earn out consideration of up to USD4.6 million in cash and shares over a three-year period, which is subject to the achievement of certain performance criteria.
PERACS offers investors and managers in alternative assets a set of services to give insight into the performance of certain funds. The company will be added to MJ Hudson's Data & Analytics division, and is expected to be earnings accretive from completion.
"We believe that adding the PERACS proprietary suite of fund analytics to the MJ Hudson Data & Analytics offering will be very beneficial to our clients and enhances our ability to bring clarity and understanding to the alternative investment industry. Looking ahead, the deal also helps us to power the next generation of analytical software tools for our clients, by combining machine learning techniques that we're developing with the more traditional industry standards and the latest academic research," said Chief Operating Officer Odi Lahav.
Following the issue of MJ Hudson's initial shares, the group will have 172.0 million shares overall.
Shares in MJ Hudson were untraded on Wednesday, last quoted at 48.00 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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