Brady (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, announces today its acquisition of the commodities business of Viveo Switzerland SA.
Viveo Switzerland is a leading solutions provider, principally for soft commodities, oil, gas and metals. Its technology, client base and deep domain knowledge is seen as a strong addition to Brady's portfolio of trading and risk technology. The acquisition will increase Brady's asset class coverage and European footprint, strengthening its cross-market, single-source-solution competency that the market is demanding.
Viveo Switzerland has been in business since 1986 and so brings significant experience in the commodities business as well as a substantial number of clients based in Switzerland, France, Italy and Russia. It has in-depth expertise in contract management, payment, invoicing, logistics, inventory management and treasury, which are all highly complementary to Brady's own strengths in risk management and trading.
Viveo Switzerland was part of the Viveo Group that was sold to Temenos in December 2009. Brady acquired Viveo Switzerland from Temenos, in order to take advantage of the opportunity to accelerate growth from a stronger combined commodities solution.
The acquisition and integration of Comsoft at the start of 2009 has been very successful and demonstrates Brady's ability to combine technology and solutions for the benefit of its clients. The integration of Viveo Switzerland's solution-set into the Brady offering will present clients with full cross-commodity coverage and will cover the complete lifecycle of commodities trading from capture, through processing, inventory, invoicing and ultimately reporting P&L on the trades.
Gavin Lavelle, CEO of Brady plc, commented, "This acquisition will expand our coverage of diverse asset classes, increase our critical mass in mainland and Eastern Europe and we anticipate will lead to continued growth. The volume of trading in soft commodity futures contracts increased 16% last year with significant growth forecast for this year, for example in the soon-to-be-traded CME pallm oil contracts. We welcome our enhanced ability to offer solutions with enhanced asset-class coverage in this growing market."
Robert De Picciotto, CEO of Viveo Switzerland, said: "This is a great deal for both parties and presents enormous potential for growth. This acquisition will allow Viveo's clients to enter other market areas, not previously covered. Brady's worldwide presence will give existing and new clients access to the major markets in the US and Asia. Importantly, the deal provides continuity of support for our clients and offers my staff, many of whom have been with me for a considerable number of years, exciting new career opportunities within Brady they are keen to explore. The next few years will be an exciting time, and my team and I are looking forward to working with Brady."