Gresham Tech - Acquisition of Inforalgo Information Technology
The Acquisition is expected to be immediately earnings enhancing although not materially so for FY20 and adds cloud-based financial markets integration solutions to Gresham's portfolio of Clareti applications, thus increasing the Group's addressable market. The Acquisition has a clear financial rationale and supports Gresham's strategic plan to create a global enterprise financial technology business.
Highlights of the Acquisition are as follows:
· Adds over
· Expected to be earnings enhancing within the first full financial year following Acquisition.
· Acquires approximately 30 new customers, comprising global banks, asset managers, market participants and market access providers.
· Enlarges Gresham's customer footprint in
· Complements and expands Gresham's existing regulatory data quality and exception management solutions and creates an opportunity to sell higher-value end-to-end regulatory solutions.
· Extends Gresham's existing portfolio of cloud connectivity services and integration adaptors.
· Adds 18 staff with deep expertise in complex financial markets integration, straight-through-processing and secure cloud hosting solutions.
Inforalgo, based in
In the year ended
The initial consideration of
"This exciting deal will enable us to extend our portfolio of Clareti cloud connectivity services to include further trading and regulatory reporting venues alongside our bank, ERP and financial messaging connectivity services. It strengthens our capability to offer end-to-end control of regulatory reporting for our customers, enhances our US footprint and creates cross and upselling opportunities, and builds our recurring revenue base."
I take the opportunity to extend a very warm welcome to the Inforalgo team and customers, and we look forward to building together on their successes in the market."
"Financial markets are experiencing increasing levels of regulatory reporting as well as demands to increase the speed of reporting. Joining with Gresham will enable us to take our innovative real-time regulatory reporting offerings to a global market and enable our customers to access the full power of the Clareti platform to provide confidence in their data."
"Gresham has a deep understanding of financial markets, modern software development processes and cloud service delivery models. They also share our passion for exemplary customer support and understand the needs of global customers. We are delighted to be joining Gresham."
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+44 (0) 207 653 0200
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N+1 Singer (Financial Adviser and Broker)
+44 (0) 207 496 3000
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a
Note to editors
Gresham's award-winning Clareti software platform is a highly flexible and scalable platform, available on-site or in the cloud, designed to address today's most challenging financial control, risk management, data governance and regulatory compliance problems. Learn more at www.greshamtech.com.
This information is provided by RNS, the news service of the
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