Computershare is to acquire the capital markets trading and clearing software assets of EFA Software and EFA Cyprus from Canadian technology firm Basis100 for C$6.25 million in cash.
The acquisition, which is expected to close by the end of January 2003, gives the Australian securities systems house access to trading and clearing software that is installed in over 25 stock exchanges.
EFA's trading systems are particularly suited to the small to mid-sized exchanges, while Computershare’s trade matching system – Computershare X stream - is better suited to the middle to high end of the global market.
The acqusition excludes liability for existing EFA contracts, although Comnputershare says it will contact existing and potential clients to discuss on-going business relationships.
Chris Morris, Computershare's CEO, says: "This acquisition adds further depth to our product offering and places us in the leading group of providers of exchange technology. Significantly, this deal also provides us with a powerful clearing and settlement system, which is an important addition to our product portfolio."
EFA filed for bankruptcy protection in Canada in November as parent group Basis100 sought a buyer for the company.
The transaction is subject to standard conditions, including completion of final due diligence by Computershare and bankruptcy court approval.