(Alliance News) - Alpha Financial Markets Consulting PLC on Monday said it has completed the acquisition of Obsidian Solutions Ltd, a UK-based lending services provider.
The AIM-listed consultancy services provider said Obsidian brings a complementary suite of financial service software products, including advanced business intelligence, client portals, reporting, and automated subscription.
Alpha said it will pay GBP5.7 million cash in two instalments, with the first instalment being payable on completion and the second after six months, plus a four-year, performance driven earn-out mechanism designed to maximise long-term recurring earnings.
Obsidian is expected to be earnings enhancing in the first full financial year of ownership, Alpha noted.
"This acquisition enhances and extends the Alpha Data Solutions' 360 SalesVista product offering, for which we continue to experience strong client demand. It also strengthens the group's work with hedge fund clients, brings Alpha a highly skilled product development team and creates a strategic growth opportunity with a recurring revenue model," said Chief Executive Euan Fraser.
The stock was untraded in London on Monday, last closing at 195.90 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Alpha Financial Markets Consulting (AFM)