(Alliance News) - Alpha Growth PLC on Friday said it has struck a deal to acquire most of Jeometri Insurance Managers (Guernsey) Ltd, an insurance management services provider.
The London-based financial services company will acquire, subject to regulatory approval, just over 93% of Jeometri.
The remainder will be retained by the company's founder and current director, Darren Wadley, who is to remain in his role.
Established in 2017, Jeometri has extensive experience providing insurance management services to individuals and institutions.
Executive Director Jason Sutherland said: "Jeometri is an ideal acquisition for Alpha as it will generate service fees on its own level and opens a channel for business into the UK and worldwide as interest in establishing insurance entities grows. Guernsey is the ideal regulatory environment for such growth.
"As part of our buy and build strategy, we continue to actively progress our acquisition pipeline and will update shareholders on progress when appropriate."
Alpha Growth shares were up 8.6% to 2.06 pence each in London on Friday afternoon.
By Elijah Dale, Alliance News reporter
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Alpha Growth (ALGW)