StatPro takes controlling interest in its South Africa partner

StatPro made an expansion in the South African market on Friday, acquiring 51% of its existing partner in the country - InfoVest - in a cash-free transaction.

InfoVest was described by the AIM-traded company as a South Africa-headquartered software provider, specialising in data warehouse, ETL and reporting software for the asset management industry.

The purchase was being made via the transfer of StatPro Portfolio Control (SPC) licence agreements to InfoVest, which StatPro had provided to South African clients and which InfoVest currently supported on behalf of StatPro.

"Owing to increased regulations there is a clear demand for compliance management solutions in a post-trade environment such as SPC," said chief executive Justin Wheatley.

"With the InfoVest team backing SPC, we can now supply this solution to more clients. This partnership will also mean that StatPro and InfoVest will be able to support and cross-sell each other's products and services," he added.

Based on unaudited results for the year ended 28 February 2015, InfoVest reported revenue of ZAR 18m (£0.76m), including around £0.13m revenue for supporting SPC.

"This transaction provides a fantastic platform for InfoVest to expand rapidly into new markets and territories in partnership with StatPro," said InfoVest CEO Robin Kemper.

"We have already built a strong relationship with StatPro and SPC and believe that we can capitalise further on this relationship in the Investment Data Management and Compliance reporting space in support of StatPro's core Revolution strategy," he added.

At 1100 GMT, shares in StatPro Group were flat at 72.5p.