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Brady acquires Navita Systems and syseca, to raise £18mln

Last updated: 08:03 07 Feb 2012 GMT, First published: 09:03 07 Feb 2012 GMT

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Risk management software group Brady (LON:BRY) is set to tap shareholders for £18 million to fund the acquisitions of Navita Systems and syseca, which were announced today.

Brady has agreed to acquire Norway’s Navita Systems, which provides systems to the energy markets, focused on physical power and carbon emission trading, and Swiss logistics software firm syseca.

Brady will buy Navita for £17.1 million in cash and itan additional £682,000 paid in shares at a price of 77 pence per share. The company expects to deal to “extend its reach further into the energy sector”.

Navita operates in Europe and North America and has a presence in energy markets for electricity, gas, emission certificates and coal. According to Brady, this market is “highly attractive” and complementary to its existing Energy Trading and Risk Management (ETRM) business.

“The extended solution set that the combined company will bring to the market offers best of breed solutions, enabling customers to benefit from a one-stop shop for both their physical and derivatives trading and risk management solutions,” said chief executive of Brady Gavin Lavelle.

"As a result of the acquisition, we will also have a greater presence in targeted international markets where we see major opportunities for further growth."

Brady said the syseca acquisition will be complementary to the Navita deal as it is expected to add up-to-date physical electricity trading capabilities and connectivity to most major European Transmission System Operators (TSOs).

The group will pay a total £1.2 million for syseca including £0.5 million worth of its shares.

In order to fund the acquisitions, Brady today proposed to raise £18 million via a share placing at a price of 77 pence per share.

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