TP ICAP acquires compression service ClearCompress
Interdealer broker TP ICAP acquired algorithm-based, light-touch compression service ClearCompress for £750,000 on Monday.
TP ICAP will satisfy the acquisition in cash over the next two years, with further performance-related payments to be made over the coming six years, payable annually in cash or shares at the group's discretion.
The gross assets of ClearCompress were £88,152 at 31 January 2019, when the business reported an annual pre-tax loss of £346,606.
Chief executive Nocolas Breteau said: "The acquisition of ClearCompress is in line with our strategy to broaden our customer service offering.
"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."
As of 1640 BST, TP ICAP shares had picked up 0.59% to 341.40p.