Financial markets software firm bought by Gresham

Software group Gresham Technologies has bought Solihull-based Inforalgo in a deal worth up to £3.6m.

Inforalgo earned its reputation helping institutions transition to electronic trading, by connecting them to proprietary trading venues like Bloomberg.

It is now a recognised integration partner for a number of key platforms while it also provides intelligent automation services which can speed up and automate how data is handled.

Inforalgo’s chief commercial officer Phil Flood said: “Financial markets are experiencing increasing levels of regulatory reporting as well as demands to increase the speed of reporting.

“Joining with Gresham will enable us to take our innovative real-time regulatory reporting offerings to a global market and enable our customers to access the full power of the Clareti platform to provide confidence in their data.”

The deal will see £2.3m paid in cash on completion, with up to £1.3m paid in two tranches based on targets being achieved in 12 and 18 months’ time.

Gresham chief executive Ian Manocha said: “This exciting deal will enable us to extend our portfolio of Clareti cloud connectivity services to include further trading and regulatory reporting venues alongside our bank, ERP and financial messaging connectivity services.”

Inforalgo, which employs 18 people, generates annual revenues of £1.2m from its customer base of banks, asset managers, market participants and market access providers.