Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Financial Markets Consulting Plc LSE:AFM London Ordinary Share GB00BF16C058 ORD 0.075P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 203.00p 200.00p 206.00p 203.00p 203.00p 203.00p 12,885 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 76.0 12.5 9.1 22.4 210

Alpha Fin Markets Consulting plc Acquisition of Axxsys Limited

05/06/2019 7:15am

UK Regulatory (RNS & others)


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RNS Number : 1930B

Alpha Fin Markets Consulting plc

05 June 2019

5 June 2019

Alpha Financial Markets Consulting plc

('Alpha FMC', 'Alpha', the 'Company' or 'Group')

Acquisition of Axxsys Limited

   --    Alpha acquires specialist consultancy Axxsys 
   --    Axxsys brings highly complementary service propositions and skillsets to the Group 
   --    Acquisition further strengthens Alpha's platform to serve clients in Europe and North America 

-- GBP9 million cash paid in four instalments over two years plus a performance related earnout payable after three years

Alpha FMC (AIM: AFM), a leading global provider of specialist consultancy services to the Asset and Wealth Management industry is pleased to announce that it has acquired 100% of the issued share capital of Axxsys Limited ('Axxsys') and its subsidiaries, a consulting company incorporated in the United Kingdom.

Background on Axxsys

Axxsys has provided specialised management consultancy and technology implementation services to the investment management industry since 2003. The business is focussed on investment management solutions, with expertise spanning portfolio management, performance and risk, sales and distribution, and the strategic implementation of data and technology systems, with particular expertise in the SimCorp investment management system. Axxsys has 28 employees and offices in three locations: the UK, Denmark and Canada. Axxsys reported in its most recent accounting year ended 31 December 2018 unaudited consolidated revenue of GBP6.2 million.

Acquisition rationale

The addition of Axxsys creates additive revenue and brings complementary, technology-focussed service to Alpha's client proposition. The acquisition extends Alpha's service offering to comprehensively cover the SimCorp platform, which is an integrated front-to-back portfolio management system, offers a cross-selling opportunity and strengthens Alpha's geographic footprint, particularly in the Nordics and Canada.

Transaction terms

The Group has acquired Axxsys for GBP9 million cash in base consideration, payable in instalments over the two years following acquisition, plus an earn-out which may be become payable in cash after the third anniversary of completion, contingent on Axxsys meeting certain earnings growth targets. The acquisition is immediately earnings accretive.

Euan Fraser, Alpha's Global CEO, commented: "This acquisition delivers exceptional value for both organisations, and demonstrates our focus on continuing Alpha's growth through highly selective acquisitions, as well as via continued organic expansion. Axxsys brings a range of service propositions and skillsets which are complementary to Alpha. This transaction, which was agreed at an attractive valuation, also strengthens the Group's global platform for servicing clients in Europe, particularly the Nordics, and North America, with additional offices in Denmark and Canada, and creates a strategic growth opportunity."

Philip Ritchie, Axxsys' CCO and Partner Commented: "This is a highly significant milestone in our company's history, as we now join forces with one of the fastest growing and most well-regarded consulting firms in the asset management and wealth sectors. I truly believe in the potential this relationship provides for the development of our business, and that being part of the Alpha Group is the very best place for us to achieve our corporate ambitions in the future."

Alpha FMC has also reported its full year results to 31 March 2019 today.

A results presentation from Alpha will take place at 8.30 a.m. today at Berenberg's offices, 60 Threadneedle Street. Those wishing to attend should email alpha@templebaradvisory.com. A copy of the presentation slides will be available on the Company's website for those unable to attend.

The full year results will be available at https://alphafmc.com/investors/reports-presentations/ on the day.

Enquiries:

 
 Alpha Financial Markets Consulting plc         +44 (0)20 7796 9300 
 Euan Fraser, Global Chief Executive Officer 
  John Paton, Chief Financial Officer 
 
 Temple Bar Advisory 
                                                +44 (0)7795 425 
 Alex Child-Villiers                             580 
                                                +44 (0)7827 960 
 William Barker                                  151 
                                                +44 (0)7769 655 
 Sam Livingstone                                 437 
 
 Grant Thornton UK LLP (Nominated Adviser)      +44 (0)20 7383 5100 
 Philip Secrett 
  Richard Tonthat 
  Harrison Clarke 
 
 Berenberg (Broker)                             +44 (0)20 3207 7800 
 Chris Bowman 
  Toby Flaux 
  Alix Mecklenburg-Solodkoff 
 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014.

About Alpha FMC:

Alpha FMC is a leading global provider of specialist consultancy services to the asset and wealth management industry. Alpha FMC has worked with 80% of the world's top 20 asset managers by AUM, along with a wide range of other buy-side firms. It has the largest dedicated team in the industry, with over 350 consultants and contractors globally, operating from ten offices spanning the UK, Europe, the US and Asia.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 05, 2019 02:15 ET (06:15 GMT)

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