StatPro Group PLC Increased majority shareholding in Infovest (6058X)

TIDMSOG

RNS Number : 6058X

StatPro Group PLC

23 February 2017

23 February 2017

StatPro Group plc

Increase in majority shareholding in South African Infovest Consulting

StatPro Group plc (AIM: SOG, "StatPro", "the Group"), the AIM listed provider of cloud-based portfolio analysis and asset pricing services for the global asset management industry, has increased its shareholding in Infovest Consulting (Pty) Ltd ("Infovest"), a South African headquartered software provider, specialising in data warehouse, ETL and reporting software for the asset management industry, from 51.0% (as announced on 12 February 2016) to 72.7%.

The consideration for the additional 21.7% shareholding was ZAR 19.1 million (GBP1.2 million) in cash.

The increase in shareholding is expected to be earnings enhancing in the current year and the Group will benefit from Infovest's growing revenues and profits. The valuation of this buy-out is based on a formula linked to recurring revenue but with a minimum profit level. The multiple is just under eight times EBITDA.

Based on the unaudited results for the 10 month period since StatPro's initial investment, the annualised revenue and adjusted profit before tax for Infovest (which includes the SPC contracts transferred from StatPro) increased by approximately 77% and 130% per annum respectively.

The total value of the additional investment was ZAR 19.1 million (GBP1.2 million) and has been made by StatPro South Africa (Pty) Ltd., funded by the Group's financing facility with Wells Fargo Capital Finance.

Justin Wheatley, Chief Executive of StatPro, commented:

"Since we took a majority share on 1 March 2016, Infovest has experienced a 77% revenue growth and 130% profit growth.

"As Infovest has been able to leverage our extensive network to offer valuable enhanced services to our clients, we expect to see further growth in revenue and profit from this business."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

Enquiries:

 
  StatPro Group plc 
  Justin Wheatley, Chief         [phone] 
   Executive                                9876 
  Andrew Fabian, Finance 
   Director 
 
  Panmure Gordon - Nomad 
   and Broker 
  Corporate Finance - Freddy     [phone] 
   Crossley / Fabien Holler                 2500 
  Corporate Broking - Tom 
   Salvesen 
 
  Instinctif Partners 
  Adrian Duffield / Lauren       [phone] 
   Foster                                   2020 
 

About StatPro

StatPro is a global provider of award winning portfolio analytics solutions for the investment community. The Group's cloud-based platform provides vital analysis of portfolio performance, attribution, risk and compliance. This multi-asset class analytics platform helps StatPro's clients increase assets under management, improve client service, meet tough regulations and reduce costs.

The Group's integrated and global data coverage includes over 3.2 million securities such as equities, bonds, mutual funds, FX rates, futures, options, OTCs, sector classifications and much else besides. StatPro also covers most families of benchmarks including MSCI, FTSE, Russell, NASDAQ and the open source Freedom Index.

StatPro has grown its Annualized Recurring Revenue from less than GBP1 million in 1999 to around GBP39 million at the end of December 2016. The Group has operations in Europe, North America, South Africa, Asia and Australia, with hundreds of clients in 38 countries around the world. Approximately 80% of recurring revenues are generated outside the UK. StatPro Group plc shares are listed on AIM.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 23, 2017 02:00 ET (07:00 GMT)