LONDON (Alliance News) - Portfolio analysis and asset pricing services provider StatPro Group PLC on Friday said it has agreed a USD16.0 million cash deal to acquire US-based Investor Analytics LLC.
StatPro will pay USD7.0 million upfront, USD3.0 million across two deferred payments and another USD6.0 million payable after one year, dependent on contract wins coming through.
Investor Analytics provides cloud-based risk analytics services to hedge funds and assets managers in the US and will significantly increase StatPro's presence in the US market. It will increase StatPro's annual recurring revenue stream to 35% of its total revenue.
StatPro expects the acquisition will be earnings-enhancing in 2016 and foresees achieving cost synergies of around USD1.0 million per year.
"This earnings enhancing acquisition brings an excellent complementary cloud-based risk service which strengthens and broadens our product and service offering globally," said Justin Wheatley, StatPro's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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