StatPro buys South African compliance outfit Kizen

StatPro buys South African compliance outfit Kizen

London-based StatPro has acquired Kizen Limited, a South African supplier of compliance software to asset managers, for a maximum consideration of £7.50 million.

Under the deal, AIM-listed StatPro, which provides portfolio analytics software to fund managers, is acquiring 100% of Kizen for an initial cash consideration of £0.51 million.

StatPro says the deferred cash consideration depends on a multiple of revenue generated by the product acquired and the incremental revenues generated per annum for the three years following the acquisition. The maximum total cash consideration payable is £7.50 million.

Kizen was established in Cape Town in 2003 by Robert Chung, Neil Hampton, Robin Kemper and Chris Stefano who developed the compliance product. StatPro says the Kizen product will be marketed as StatPro Portfolio Compliance going forward and will be integrated with it's product suite.

Following the acquisition the Kizen operations will be integrated with StatPro's existing Cape Town office. The combined group will be led by Andrew Peddar, managing director of StatPro South Africa.

The Kizen deal follows StatPro's acquisition of Alphai Limited, an Australian supplier of performance measurement software to asset managers, last month.

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