TP ICAP PLC Acquisition (5023M)
16 Settembre 2019 - 5:14PM
UK Regulatory
TIDMTCAP
RNS Number : 5023M
TP ICAP PLC
16 September 2019
16 September 2019
TP ICAP acquires ClearCompress
Expansion into innovative compression services
TP ICAP plc ("TP ICAP" or "the Company") today announces that it
has acquired ClearCompress Limited ("ClearCompress"), a provider of
innovative, algorithm-based, light-touch compression services in
cleared and uncleared derivatives that assist clients to achieve
cost efficiencies and capital reduction.
TP ICAP and ClearCompress started collaborating in 2017. At that
time, ClearCompress contributed development and algorithm expertise
and TP ICAP contributed access to clients and support
infrastructure. The parties deepened their relationship in March
2019 when TP ICAP agreed to provide funding of GBP500,000 and the
benefit of its regulated status to ClearCompress. The parties have
now agreed to formalise their relationship with the acquisition of
ClearCompress by TP ICAP. The key team members of ClearCompress,
including David Hill, the CEO, will remain with the business and
continue to expand its client base and service range.
The sellers of ClearCompress are the founders, early-stage
investors and management team. The consideration for the
acquisition is GBP750,000 in cash to be paid over 2 years, and
performance-related payments for the 6 years starting 1 September
2019 until 31 August 2025 based on the revenues of the business,
payable annually in cash or shares at the discretion of TP
ICAP.
The gross assets of ClearCompress at 31 January 2019 were
GBP88,152 and the business reported a loss before tax of GBP346,606
for the year ended 31 January 2019.
Nicolas Breteau, CEO of TP ICAP, said, "The acquisition of
ClearCompress is in line with our strategy to broaden our customer
service offering. The compression runs we have conducted
demonstrate excellent outcomes for our clients. We are delighted to
welcome this innovative company with its expertise in algo-driven
capital optimisation solutions to our group and we are excited to
move forward and grow the business together."
David Hill, CEO of ClearCompress, said, "As ClearCompress enters
the next phase in its development, we are looking forward to being
a part of the TP ICAP Group which will enable us to accelerate our
client reach, develop new products and expand internationally. Our
partnership with TP ICAP and the solutions we deliver have been
well received by clients and we are enthusiastic and confident
about what more we can do in the future."
ENDS
Enquiries:
TP ICAP:
Analysts and Investors
Al Alevizakos
Alevizos.Alevizakos@tpicap.com
+44 (0) 203 933 3040
Media
William Baldwin-Charles
William.Baldwin-Charles@tpicap.com
+44 (0) 20 7200 7124
About TPICAP
TP ICAP brings together buyers and sellers in global financial,
energy and commodities markets. It is the world's largest wholesale
market intermediary, with a portfolio of businesses that provide
broking services, data & analytics and market intelligence,
trusted by clients around the world. We operate from offices in 31
countries, supporting award-winning brokers with market-leading
technology.
www.tpicap.com
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END
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September 16, 2019 11:14 ET (15:14 GMT)
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