Netherlands-based pan-European exchange Euronext NV will acquire 78% of U.K.-based Commcise Software Ltd. from the latter's founders for an initial cash consideration of £27 million.

Commcise's founding team will remain in place, Euronext said. The acquisition is part of Euronext's €100 million to €150 million budget for bolt-on acquisitions and is in line with its M&A strategy.

Commcise provides research valuation and commission management solutions for financial services firms and is already servicing more than 500 customers including asset managers, brokers and research providers across Europe, the U.S. and Asia. The company's annual contract value stood at £3.7 million as of Sept. 30.

Birketts LLP and NovitasFTCL are acting as legal and exclusive financial advisers, respectively, to Commcise. Watson Farley & Williams advised Euronext.