KRM22 PLC (LON:KRM) has agreed to acquire the remaining 40% stake in market surveillance firm Irisium Ltd that it does not already own from Cinnober Financial Technology for a £550,000 convertible loan note.
The risk management specialist, which acquired its initial 60% stake in Irisium for £1.7mln in June 2018, said the consolidation of the remaining stake will allow complete integration of the firm into its own platforms and immediately remove £700,000 of debt and liabilities from its consolidated balance sheet.
READ: KRM22 maintains expectations of positive earnings despite coronavirus pandemic
In a statement, Keith Todd, executive chairman and chief executive of KRM22, said the transaction was a “natural consequence” following Cinnober’s acquisition by Nasdaq last year and the “tighter integration” of Irisium with the company’s Global Risk Platform will accelerate “customer benefits from having one platform for market risk and market surveillance".
KRM22 shares were up 2% at 50.5p in early deals on Friday.
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