StatPro Group PLC (LON:SOG) said it wholly owns Infovest Consulting (Pty) Ltd, a South African software provider specialising in ETL and reporting software for the asset management industry, after buying the remaining 27.3% stake in the company for for ZAR30.4mln (£1.9mln) in cash.
The AIM-listed provider of cloud-based portfolio analysis and asset pricing services previously held a 72.7% shareholding in Infovest.
The group said the mop-up purchase is expected to enhance earnings in the current year and that it will further benefit from Infovest’s growing revenues and profits.
It added that the buy-out valuation was based on a formula linked to recurring revenue but with a minimum profit level, the multiple being just over six times EBITDA.
In early trading, StatPro shares were 1.7% higher at 182p.