Brady buys Swiss commodities business

16th Mar 2010 08:47

Financial software systems provider Brady has bought the commodities business of Viveo Switzerland, a Geneva based company and part of Temenos, for CHF 3.80 million (around £2.30m).The consideration, payable in cash at completion, is CHF 3.15 million (about £1.90m) for the business in addition to CHF 0.65 million (approximately £0.40m) in relation to the estimated cash available which will be adjusted based on the actual working capital at completion. The acquisition will be financed from the group's existing cash resources and is expected to be earnings enhancing in 2010.Viveo Switzerland has been operating since 1986 and has fifty-three clients based primarily within Europe.Chief executive Gavin Lavelle commented: "This acquisition will expand our coverage of diverse asset classes, increase our critical mass in mainland and Eastern Europe and we anticipate will lead to continued growth.""The volume of trading in soft commodity futures contracts increased 16% last year with significant growth forecasted for this year. We welcome our enhanced ability to offer solutions with enhanced asset class coverage in this growing market."