GBST (ASX:GBT) Australia's leading provider of broking software, today announced that all regulatory and legal requirements have been satisfied and the acquisition of privately owned Coexis Limited is complete.
Terry Williams, formerly Executive Chairman of Coexis will join the board of GBST and Sunil Shah, previously CEO, will join the GBST executive team as CEO of Global Broker Services.
GBST will continue to operate three core areas with the following four business units:
- Australian Broker Services - leading Australian provider of client accounting and securities transaction technology for equities and equity derivatives
- Wealth Management - leading provider of funds administration and registry software to the Australian and UK wealth management industries
- Global Broker Services - the Coexis business focused on global capital markets solutions and institutional broking through the next generation Syn~ platform. Syn~ solutions will process equities, derivatives, fixed income and managed funds transactions
- Financial Services - distribution of financial product information and content services to advisers, intermediaries and other market professionals.
The combined GBST Group will have revenue of approximately A$90 million, split equally between Australia and the rest of the world and have approximately 350 employees.
GBST will consolidate its UK operations with Coexis and UK Wealth Management (formerly Infocomp, which GBST acquired in August 2007) sharing a common infrastructure and corporate services in London. The management of Coexis will be retained.
Sunil Shah, CEO of Global Broker Services said: "The goal now is to rapidly extend GBST's global broker services by bringing to fruition our very strong sales pipeline and beginning the transition of all institutional broker services to a common technology platform."