TIDMSOG
RNS Number : 8563O
StatPro Group PLC
12 February 2016
12 February 2016
StatPro Group plc
Acquisition of majority shareholding in South African InfoVest
Consulting
StatPro Group plc (AIM: SOG, "StatPro", "the Group"), the AIM
listed provider of cloud-based portfolio analysis and asset pricing
services for the global asset management industry, is acquiring a
51% shareholding in InfoVest Consulting (Pty) Ltd ("InfoVest"), a
South African headquartered software provider, specialising in data
warehouse, ETL and reporting software for the asset management
industry.
The purchase of the 51% shareholding is being made via the
transfer of StatPro Portfolio Control ("SPC") licence agreements to
InfoVest which StatPro provides to South African clients and which
InfoVest currently supports on behalf of StatPro.
Highlights:
-- Acquisition of 51% of InfoVest
-- Purchase settled by the transfer of SPC licence contracts to InfoVest
-- Joint marketing agreement signed to promote each other's products and services
-- Justin Wheatley, StatPro CEO and Craig Arenhold, CEO StatPro
South Africa will join InfoVest Board, although the business will
be managed independently
-- Deal is expected to be earnings enhancing in 2016
Given increased regulations there is a growing demand for
compliance management solutions such as SPC, which is a module of
one of StatPro's products, StatPro Seven. By taking a majority
stake in InfoVest, StatPro will benefit from this expanding market
as well as improving the product and services it offers.
InfoVest's data warehouse software is a cost effective solution
for asset managers and service providers to manage their internal
data effectively in order to provide both input data to other
systems and for reporting. The success of implementing a solution
such as StatPro Revolution Performance depends on a client's
ability to provide data in a reliable manner. InfoVest's software
is designed to do precisely this.
In addition, StatPro and InfoVest have entered into a joint
marketing agreement to promote each other's products and services
as part of StatPro. InfoVest products will keep their current
branding, whilst benefitting from the marketing reach of
StatPro.
Based on unaudited results for the year ended 28 February 2015,
InfoVest reported revenue of ZAR 18.0 million (approximately
GBP0.76 million), including approximately GBP0.13 million revenue
for supporting SPC.
The closing date for the agreement is 1 March 2016.
Justin Wheatley, Chief Executive of StatPro, commented:
"Owing to increased regulations there is clear demand for
compliance management solutions in a post trade environment such as
SPC. With the InfoVest team backing SPC, we can now supply this
solution to more clients. This partnership will also mean that
StatPro and InfoVest will be able to support and cross sell each
other's products and services.
"Combining StatPro's expertise in building the Revolution suite
of analytics and InfoVest's specialised skillsets required to
market and support SPC, we are leveraging the comparative
advantages of both businesses."
Robin Kemper, CEO of InfoVest, commented:
"This transaction provides a fantastic platform for Infovest to
expand rapidly into new markets and territories in partnership with
StatPro. We have already built a strong relationship with StatPro
around SPC and believe that we can capitalise further on this
relationship in the Investment Data Management and Compliance
reporting space in support of StatPro's core Revolution
strategy."
Enquiries:
StatPro Group plc
Justin Wheatley, Chief +44 (0) 20 8410
Executive 9876
Andrew Fabian, Finance
Director
Panmure Gordon - Nomad
and Broker
Corporate Finance - Freddy +44 (0) 20 7886
Crossley / Fred Walsh 2500
Corporate Broking - Tom
Salvesen
Instinctif Partners
Adrian Duffield / Lauren +44 (0) 20 7457
Foster 2020
About StatPro
StatPro is a global provider of award winning portfolio
analytics solutions for the investment community. The Group's
cloud-based platform provides vital analysis of portfolio
performance, attribution, risk and compliance. This multi-asset
class analytics platform helps StatPro's clients increase assets
under management, improve client service, meet tough regulations
and reduce costs.
The Group's integrated and global data coverage includes over
3.2 million securities such as equities, bonds, mutual funds, FX
rates, futures, options, OTCs, sector classifications and much else
besides. StatPro also covers most families of benchmarks including
MSCI, FTSE, Russell, NASDAQ and the licence free Freedom Index.
StatPro has grown its Annualised Recurring Revenue from less
than GBP1 million in 1999 to around GBP32 million today. The Group
has operations in Europe, North America, South Africa, Asia and
Australia, with hundreds of clients in 37 countries around the
world. Approximately 80% of recurring revenues are generated
outside the UK. StatPro Group plc shares are listed on AIM.
About Infovest
Infovest is one of South Africa's leading Investment Data
Management software providers based in Cape Town. Their focus is to
provide a sound and practical data management system to cater for
the investment industry and apart from supporting SPC, they
develop, market and support two key products (data warehouse and
ETL tools).
Further information is given on their website:
http://www.infovest.co.za/
This information is provided by RNS
The company news service from the London Stock Exchange
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