LONDON (Alliance News) - StatPro Group PLC on Friday said it is acquiring a majority stake in InfoVest Consulting (Pty) Ltd, a software provider based in South Africa.
The purchase of the 51% stake in InfoVest, which provides software to asset managers, is being made through the transfer of StatPro Portfolio Control licence agreements to InfoVest which StatPro provides to South African clients and which InfoVest currently supports on behalf of StatPro.
Justin Wheatley, StatPro chief executive, and Craig Arenhold, chief executive of StatPro South Africa, will join InfoVest board, although the business will be managed independently. The companies signed a marketing deal to promote each other's products and services.
The deal is expected to boost StatPro's earnings in 2016.
Shares in StatPro were untraded at 74.00 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.