StatPro Regulatory News (SOG)

30 Jul 2007 07:01

Statpro Group PLC30 July 2007 For release at 07.00 a.m. Monday 30 July 2007 STATPRO GROUP PLC ("StatPro", the "Group", or the "Company") Acquisition of Initram Data Inc ("Initram") StatPro Group plc, the AIM listed provider of portfolio analytics and datasolutions for the global asset management industry, is pleased to announce theacquisition of Montreal based Initram for a total cash consideration of C$3.0million (£1.41 million), with C$2.1 million (£0.99 million) payable on signatureand the balance over a two year period, financed from StatPro's existing bankfacilities. Initram Data Inc. is a small competitor of FRI Corporation ("FRI", now StatProCanada Inc.) that produces Canadian bond prices. Initram was established in 2002and whilst it has been operating at break-even, it has grown its recurringrevenue to approximately C$0.7 million (£0.33 million) as at 30 June 2007. The Company believes that the consolidation of the FRI and Initram businessunits will enable it to benefit from greater scale and also allow it to expandinto other data services more easily. Initram's team of five brings around 30important new data clients and the Company is confident that it will be able tooffer these clients additional services from the Group's much broader coverageof data whilst accelerating the growth of its global data business. The acquisition of Initram is in line with StatPro's stated strategy of offeringclients a coherent product platform that delivers both better value and betteranalysis. Following the successful acquisition of FRI in North America, theCompany continues to seek to supplement this strategy with further acquisitionssuch as Initram, either to consolidate certain product categories or to enhanceour product range. Justin Wheatley, CEO of StatPro commented: "As a result of the integration of FRI within StatPro and the combination of ourrespective product sets, the enlarged group has transformed its productpositioning, capabilities which we are now adding to with the purchase ofInitram. We now have a high quality, high value-added price evaluation servicealongside a broad set of analytics solutions that combine highly functionalsoftware with essential data." - Ends - For further information, please contact: StatPro Group plc www.statpro.comJustin Wheatley, Chief Executive On 30 July: 020 7360 4900Andrew Fabian, Finance Director Thereafter: 020 8410 9876 SmithfieldReg Hoare/Tania Wild 020 7360 4900 Arbuthnot Securities LimitedTom Griffiths/Alasdair Younie 020 7012 2000 High resolution images are available for the media to view and download free ofcharge from www.vismedia.co.uk About StatProStatPro Group plc is a leading provider of portfolio analytics and datasolutions for the global asset management industry. Over the past 13 years,StatPro has developed its products in close collaboration with internationalasset managers and can offer sophisticated portfolio analytics tools for riskmanagement, fixed income analysis, performance measurement, attributionanalysis, GIPS compliance and reporting. StatPro has around 400 client contractsin 25 countries, with 11 offices worldwide. StatPro has grown its recurringrevenue from less than £1.0 million in 1999 to £18.8 million in 2007. StatPro has made eight acquisitions (prior to Initram) of either products orsmall businesses since 2000, the year its shares were first listed on theOfficial List of the London Stock Exchange (before subsequently transferring toAIM in 2003). Each acquisition has added to, and complemented, the Company's existing range ofproducts and thereby created an opportunity to use the enhanced and enlarged product base to cross sell to both existing and new clients. This reduces the Company's risk, and also brings critical expertise in the domain of each product by the addition of expert professionals to StatPro's team from the acquired businesses. This information is provided by RNS The company news service from the London Stock Exchange