Wilmington Group (LSE:WIL) has agreed to acquire Spanish RegTech software provider Professional Group Conversia for €121.6 million (£105.0 million), paid in cash.
The deal will be funded from £35 million of existing cash resources and £70 million in new debt facilities.
“This earnings enhancing acquisition will extend our reach in the GRC markets and opens up a new horizontal for us in the regulated Data Privacy sector,” said Wilmington chief executive Mark Milner.
Conversia supplies data privacy compliance and related training solutions to an addressable market of 3.2 million SMEs and homeowner associations in Spain.
It operates on a subscription model, with more than 70% of revenue recurring annually, and reported revenue of €36.6 million and EBITDA of €9.3 million in the year to 30 June.
The transaction will be subject to Foreign Direct Investment clearance in Spain.
In London, Wilmington shares are up around 7.5%, changing hands at 358p.