TP ICAP PLC Acquisition

Data : 16/09/2019 @ 17:14
Fonte : UK Regulatory (RNS & others)
Titolo : Tp Icap Plc (TCAP)
Quotazione : 350.0  -6.0 (-1.69%) @ 17:35
Quotazione Tp Icap Grafico

TP ICAP PLC Acquisition

Grafico Azioni Tp Icap (LSE:TCAP)
Storico


Da Giu 2019 a Giu 2020

Clicca qui per i Grafici di Tp Icap

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACQCKADDPBKDBCD

(END) Dow Jones Newswires

September 16, 2019 11:14 ET (15:14 GMT)

La tua Cronologia
BIT
BMPS
Monte Pasc..
BITI
FTSEMIB
FTSE Mib
BIT
UCG
Unicredit
NASDAQ
AAPL
Apple
FX
EURUSD
Euro vs Do..
Le azioni che visualizzerai appariranno in questo riquadro, così potrai facilmente tornare alle quotazioni di tuo interesse.

Registrati ora per creare la tua watchlist personalizzata in tempo reale streaming.

Per accedere al tempo reale push di Borsa è necessario registrarsi.

Accedendo ai servizi offerti da ADVFN, ne si accettano le condizioni generali Termini & Condizioni

P: V:it D:20200606 11:38:13