Portfolio analytics software developer StatPro Group PLC (LON:SOG) has handed over the first wodge of cash relating to its purchase of UBS Delta.
The acquisition was announced on 7 April (see below)
READ StatPro Group seals £11mln earnings enhancing UBS Delta acquisition
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An initial payment of €8.7mln has been made; in total, the company will pay around €13mln over three years.
Until StatPro has fully integrated UBS Delta's functionality into its product suite, UBS will continue to operate and support UBS Delta for its clients.
UBS Delta has annual recurring revenues of around £14.5mln and in the first year of ownership underlying earnings (adjusted EBITDA) are expected to be between £2mln and £2.5mln.
"At this early stage we are delighted by the collaboration and enthusiasm of the Delta team. They are now working very closely with us, under our umbrella, to ensure the continuity and stability of their exceptional service to our combined clients,” said Justin Wheatley, StatPro’s chief executive officer.
"This earnings enhancing acquisition transforms our scale and capabilities and we look forward to developing the enlarged business faster and, through our operational gearing, improve our profitability," he added.