Linedata Services purchased all of the stock of UK company Beauchamp Financial Technology, Ltd., which focuses on hedge fund-tailored portfolio management software.
With the buy out, Linedata Services will add middle- and back-office solutions to its product portfolio, and will be able to offer asset management vehicles such as including UCITS, institutional funds, and hedge funds.
“After the recent acquisition of US company GIS, this new acquisition in the field of asset management is perfectly in line with our objectives to increase our share of the world’s English-speaking markets, strengthen our position in the most buoyant segments, and to build a group of high-performing companies that can actively contribute to our future growth and adhere to our corporate mission statement,” said Anvaraly Jiva, chairman and CEO of Linedata.
The acquisition is cash-financed with an initial payment of GBP 11 million and an earn out clause for a maximum of an additional GBP 14 million, based on the economic performance (growth and profitability)of BFT and spread over financial years 2005-2006 and 2006-2007.
BFT is based in London, New York and Hong Kong, with technical support platform in Riga, Latvia. Today, over 170 client firms in Europe, North America and Asia use BFT’s solutions, whether by local installation or ASP.