AIM-listed software developer StatPro Group (LON:SOG) saw shares rise 10 percent on Friday, after announcing the acquisition of USB Delta’s risk and performance analytics service.
The deal is a significant one for StatPro, adding additional revenues of around £14.5 million. The group agreed to buy UBS Delta’s business for 13 million euros, paid over the course of three years.
Justin Wheatley, StatPro CEO, commented on the acquisition:
“This earnings enhancing acquisition transforms our scale and capabilities. It will also enable us to build a bigger business faster and, through our operational gearing, improve our profitability.
“We will have a significantly enhanced product capability for the front office and will materially benefit from being able to access UBS Delta’s clients – the majority of which are new to StatPro.
“The award winning UBS Delta platform will be maintained for up to the next five years while we incorporate the unique UBS Delta functionality into our flagship cloud platform, StatPro Revolution.”
Adjusted EBITDA from the acquisition is forecast to be between £2 and 2.5 million, with UBS Delta allowing StatPro to extend its risk and performance analytics service from the middle office to the front office of asset managers. Hishaam Caramanli, Global Head Securities eCommerce, UBS Investment Bank commented:
“We are incredibly proud of UBS Delta, our award winning risk and performance analytics platform, and the talented team of people that provide this service to our clients.
“We are delighted to have entered into a transaction with StatPro, a leader in this market with the technical experience and growth capital to enhance the platform and create a next generation experience for our clients.”
StatPro shares are currently trading up 10 percent at 99.00 (1047GMT).