LONDON - August 6, 2007 - Goldenhill Technology Advisors llp (www.gtallp.com) today announced that it acted as M&A advisor to Statpro Group plc ("Statpro") in the sale of the real time data business acquired with FRI to Tenfore Systems Ltd ("Tenfore").
When acquired by Statpro, FRI was comprised of a number of business units. Statpro's intention being to integrate and build up those business units that were core to the business and dispose of those that were not. Accordingly, FRI's real time data business and real time client base have been transferred to Tenfore for a consideration of up to US$2.5 million. Also as a component of the transaction, Statpro will receive a real time data feed from Tenfore to replace the existing feed. This business was non-core as the clients operated in different markets from Statpro's traditional clients and it was extremely unlikely they would buy any of Statpro's other products.
The FRI real time data division has annual revenue of around US$1.5 million (£0.75 million).
Commenting on Goldenhill's valuable contribution to the sale process, Statpro CEO Justin Wheatley stated, "Goldenhill were instrumental in the disposal of this non-core part of our business, from initiating the initial contact with Tenfore, through to ensuring the best financial deal for Statpro. Goldenhill's excellent contacts within the Financial Technology market and in-depth understanding of the landscape meant that the most likely buyer was identified on Day One. Throughout the sale process, they were very responsive and always available whenever required."
About Goldenhill Technology Advisors
Goldenhill's sole focus is to represent and advise our technology business Clients in merger and acquisition (M&A) engagements. Our engagements include providing services to Sellers or Buyers in M&A projects in the UK, USA and Europe with specific focus in software and service businesses. Please contact us at www.gtallp.com