JTC PLC (LON:JTC), the fund management back-office specialist has acquired INDOS for a maximum consideration of £12.5mln, predominately in cash.
INDOS provides depositary, ESG and anti-money laundering oversight services for alternative investment funds.
Founder and chief executive Bill Prew and the INDOS senior management team will join JTC and become part of the Institutional Client Services (ICS) Division.
Nigel Le Quesne, JTC’s chief executive, said: "INDOS is a business of real quality which operates in a strategically important part of the fund services market.
“The transaction also adds further scale in Ireland, a priority market for the Group, and the UK, where our London team has more than doubled in size over the last 18 months due to client demand.”
In the financial year ending 31 December 2020, INDOS generated revenues of £3.7mln and grew at 20% annually over the past three years.