Raft International in takeover talks

Raft International in takeover talks

Shares in component-based banking software firm Raft International jumped 43 per cent yesterday as the vendor confirmed that it is in preliminary discussions which may or may not lead to an offer for the company.

The small UK software house, which supplies systems for operational risk management and credit risk in energy trading, recently reported an encouraging set of half-yearly results, posting a 55% drop in first half operating losses to £0.5 million from £1.2 million a year ago, doubling the number of contract wins from three to six and increasing turnover by 23% to £4.2 million.

The firm recently entered a partnership with the Energy Systems business of SunGard, which is currently finalising the acqusition of UK-based insurance software outfit Sherwood International.

In a statement released in response to its steadily rising share price the firm says it will keep shareholders informed of any relevant developments.

In early morning trading Raft shares were holding steady at 22.5 pence, just five pence off yesterday's high of 23 pence and well above a year-low of 2 pence.

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