StatPro, a fintech company long before fintech was even a term, on Friday announced a deal to buy UBS’ Delta platform for €13 million (£11.1 million).Shares in AIM-listed StatPro jumped 10% on news of the deal, which both the company and house broker Panmure Gordon called “transformational.”
“It’s a transformational deal for StatPro on really good terms,” StatPro’sCEO Justin Wheatley told Business Insider.”The deal provides StatPro with “The deal provides StatPro with scale not only in terms of revenues but also of clients. It’s earnings enhancing.” StatPro, founded in 1994, makes a cloud-based platform for asset managers to help them analyze portfolio performance, risk, and help with compliance. UBS’ Delta platform does something similar. The deal comes in the same week as a report from PwC saying 50% of established financial services companies are considering acquiring fintech startups to boost their tech capabilities. StatPro’s acquisition shows it’s not just one-way traffic.