AIM-listed StatPro has acquired Performa Consultants UK, a provider of compliance software to asset managers, in a cash and stock deal worth around £7 million.
Established in 1999, Performa supplies software that helps asset managers comply with Global Investment Performance Standards (GIPS).
The company, which employees 19 people in its London office, has 25 clients and reported revenues of £1.66 million and profit before tax of £0.58 million for the year ended 31 May 2007.
Under the deal Statpro will pay £6.6 million in cash for the business, with the remainder of the purchase covered by the issue of 1.4 million shares at 86.6 pence each.
The Stapro board says it expects the acquisition to be earnings-enhancing in 2008.
Justin Wheatley, chief executive, StatPro, says the combination of StatPro and Performa "will be a strong force in the global composites market at a time when there is considerably more focus on reporting and compliance with regulations such as GIPS and MiFID".
London-based StatPro has bought 10 companies since 2000, including FRI Corporation, a Canadian provider of portfolio management technology, Australian performance measurement software vendor Alphai and South African compliance outfit Kizen.
In a separate notice, the AIM-listed vendor says its trading for 2007 was in line with market expectations and "significantly ahead of 2006". The firm will report full year results on 10 March.