StatPro buys 51% stake in RiskMap

StatPro buys 51% stake in RiskMap

AIM-listed StatPro Group, a London-based provider of performance measurement software for asset managers, has acquired a 51% stake in Italian risk management vendor RiskMap for €400,000.

Under the terms of the contract, StatPro has an option to acquire (and the existing shareholders have a corresponding option to sell) the remaining 49% in the future.

RiskMap reported revenue of €400,000 in the year ended 31 December 2002, representing a growth of 30% over 2001 and an operating loss of approximately €160,000. The Milan-based firm has seven staff.

Stratpro says there is significant demand for an integrated risk and performance analysis system and its stake in RiskMap will enable it to take advantage of this market.

Justin Wheatley, chief executive, StatPro Group, says: "We believe that our new product StatPro Risk Management will be capable of becoming the market leader and represents a low cost and low risk entry into this market."

As part of the transaction, RiskMap will will be renamed StatPro Italia and will promote StatPro's products in the Italian market through its existing Milan base.

StatPro has also entered into a commercial revenue-sharing agreement whereby it has the global exclusive rights to licence RiskMap products in return for a fee.

Dario Cintioli, RiskMap CEO, says the deal provides the firm with the opportunity to expand the client base for its risk product globally.

Comments: (0)