The transaction will be effective from 1 July 2007.A fast-growing company offering strong operating synergy Infotec has been active in the financial markets for several years and will significantly strengthen GL TRADE's market data offering. The company had turnover of around â¬10m in 2006, and expects growth of 30% in 2007. The two companies will benefit from synergies in terms of sales (distribution network for Infotec and Buy Side clientele for GL TRADE). The joint activities will also take advantage of the synergy generated by global management of the costs of acquiring market data from exchanges and financial information suppliers.
Infotec employs around fifty staff who are based mainly in Switzerland. The company also has a significant presence in London, through its exclusive distribution agreement with the London Stock Exchange.GL TRADE will create a product line to take responsibility for marketing the Infotec offering, which will become the group's single market data offering. Robert Jeanbart, currently CEO of Infotec, has been appointed as Director of the Market Data Business Line.
A significant increase in market share Infotec has more than 7,000 users, consisting mainly of bankers, wealth and fund managers, brokers and treasury managers. Its ASP-based offering scores highly with its clients, who are based mainly in Switzerland and the UK but as well as in Germany and France. It covers more than 140 financial markets and OTC sources, and also offers broad coverage of financial data as well as technical analysis and research tools.
"Against a background of consolidation amongst the major players in the market, we think this is a timely acquisition. It also fits well with our strategy of strengthening our Buy Side presence." noted Philippe Rapp, Executive Vice President, Strategic Development at GL TRADE."Joining the GL TRADE Group will allow us to improve our offering significantly and will give us the backing of the sales network of one of the foremost Front to Back software providers," added Robert Jeanbart, Infotec's CEO. "We will benefit from its international scope and its strong reputation, together with the strength of our combined offering, to provide a truly effective and highly competitive alternative solution to the major actors within the financial information industry".