StatPro ups stake in Infovest Consulting to almost 75%

StatPro Group has upped its stake in South Africa-based Infovest Consulting (Pty) Ltd to 72.7%, from 51.0%, for about 19.1m rand, or roughly £1.2m.

The increase in shareholding is expected to be earnings enhancing in the current year and the Group will benefit from Infovest's growing revenues and profits," said StatPro.

"The valuation of this buy-out is based on a formula linked to recurring revenue but with a minimum profit level. The multiple is just under eight times EBITDA," it added in a statement.

Infovest is a software provider that specialises in data warehouse, ETL and reporting software for the asset management industry.

The total value of the additional investment was 19.1m rand and was made by StatPro South Africa (Pty) Ltd, funded by the group's financing facility with Wells Fargo Capital Finance.

At 12:53 GMT, shares in AIM-quoted StatPro were flat at 90.5p each.