StatPro Group PLC Increased majority shareholding in Infovest (6058X)
February 23 2017 - 2:00AM
UK Regulatory
TIDMSOG
RNS Number : 6058X
StatPro Group PLC
23 February 2017
23 February 2017
StatPro Group plc
Increase in 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, has increased
its 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, from 51.0% (as announced on 12 February 2016) to
72.7%.
The consideration for the additional 21.7% shareholding was ZAR
19.1 million (GBP1.2 million) in cash.
The increase in shareholding is expected to be earnings
enhancing in the current year and the Group will benefit from
Infovest's growing revenues and profits. The valuation of this
buy-out is based on a formula linked to recurring revenue but with
a minimum profit level. The multiple is just under eight times
EBITDA.
Based on the unaudited results for the 10 month period since
StatPro's initial investment, the annualised revenue and adjusted
profit before tax for Infovest (which includes the SPC contracts
transferred from StatPro) increased by approximately 77% and 130%
per annum respectively.
The total value of the additional investment was ZAR 19.1
million (GBP1.2 million) and has been made by StatPro South Africa
(Pty) Ltd., funded by the Group's financing facility with Wells
Fargo Capital Finance.
Justin Wheatley, Chief Executive of StatPro, commented:
"Since we took a majority share on 1 March 2016, Infovest has
experienced a 77% revenue growth and 130% profit growth.
"As Infovest has been able to leverage our extensive network to
offer valuable enhanced services to our clients, we expect to see
further growth in revenue and profit from this business."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (MAR).
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 / Fabien Holler 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 open source Freedom Index.
StatPro has grown its Annualized Recurring Revenue from less
than GBP1 million in 1999 to around GBP39 million at the end of
December 2016. The Group has operations in Europe, North America,
South Africa, Asia and Australia, with hundreds of clients in 38
countries around the world. Approximately 80% of recurring revenues
are generated outside the UK. StatPro Group plc shares are listed
on AIM.
This information is provided by RNS
The company news service from the London Stock Exchange
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