StatPro Group Plc said April 7 that it agreed to acquire UBS Delta, a risk and performance analytics service, from UBS Group AG for a total consideration of around €13 million in cash, paid over three years.
U.K.-based StatPro Group will make an initial payment of €8.7 million on first closing, with two further cash payments of €1.7 million and €2.6 million. First closing is expected to take place in mid-May.
The consideration will be entirely funded by additional committed facilities provided to the group by Wells Fargo Capital Finance. StatPro will during the first phase take over UBS Delta's employees and contractors, along with associated costs and UBS Delta's revenue, which amounts to roughly £14.5 million on an annualized recurring basis.
StatPro Group said the acquisition, which it expects to be earnings-enhancing in the current year, will be phased over three to five years as it integrates UBS Delta's functionality into its cloud-based performance and risk platform, StatPro Revolution. Until complete integration, UBS Group will operate and support UBS Delta for clients.