FFastFill to acquire WTD Consulting
FFastFill, the AIM-listed Software as a Service (SaaS) provider to derivatives markets, has entered into a conditional asset purchase agreement for the acquisition of WTD Consulting for a maximum of $12m (£7.6m).
FFastFill, the AIM-listed Software as a Service (SaaS) provider to derivatives markets, has entered into a conditional asset purchase agreement for the acquisition of WTD Consulting for a maximum of $12m (£7.6m).
FFastFill believes WTD, a technology consulting and software solutions business, is a "highly complementary" acquisition, which would strengthen its global position.
Under the terms of the agreement, FFastFill will pay an initial £4.5m on completion, followed by a deferred payment of up to £3.2m based on the company's performance. The first payment will be paid through the allotment of more than 43m shares, while the deferred payment, if paid, will be half cash and half ordinary shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In a statement the firm said: "The addition of the business and assets of WTD positions the company well to benefit from the significant regulatory changes taking place in the United States that are steadily driving the clearing of traditional Over the Counter methods toward a central counterparty clearing model."
WTD has a customer entity base of 30 including a number of global banks.
For the year ended 30 June, WTD generated revenue of $8m and operating profdit of $1m. The company said it expects the acquisition to be earnings enhancing in the first twelve months.
The share price fell 1.23% to 10p by 11:11Am.
NR
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Paying the grandkids’ school fees could generate a shock IHT bill
Private school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year low
Savers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?