StatPro to acquire reporting systems firm Delve

StatPro to acquire reporting systems firm Delve

StatPro Group, a London-based provider of performance measurement software for asset managers, is acquiring Delve, a provider of enterprise and Web reporting systems for an initial consideration of £550,000 before costs.

AIM-listed StatPro says subsequent deferred consideration will be based upon incremental recurring licence revenues. The total consideration is capped at £4.0 million. In lieu of the deferred consideration, a cash alternative option is offered, with the maximum cash available at £0.45 million.

StatPro has been distributing the Delve technology to its clients since early 2004. London-based Delve has nine clients and reported revenue of approximately £300,000 in the year ended 31 March 2005, representing a growth of 25% over the previous year, and an operating loss of approximately £57,000 compared to a loss of £218,000 in the previous year.

Justin Wheatley, chief executive of StatPro Group, says: "There is considerable demand amongst fund managers to improve client reporting and Delve has some of the most sophisticated technology to meet this demand. Combined with StatPro's growing client base and wide distribution, we are confident that the acquisition of Delve will be a success and earnings enhancing."

StatPro shares were up two per cent to 49.50 pence in afternoon trading on the news.

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