Capita in second acquisition in a fortnight

2nd Aug 2011 07:54

Outsourcing giant Capita will acquire AIBIFS, the international financial services business of AIB, its second acquisition in a fortnight. The acquisition will be made for a cash consideration of £29m, on a cash free, debt free basis.On completion of the acquisition, the business will integrate into Capita's investor and banking services division. On a pro-forma basis, AIBIFS made an operating profit for the 12 months ended 31 December 2010, after adjusting for certain overheads, of £6.2m on turnover of £24m.Paul Pindar, Chief Executive of the Capita Group, said: "The acquisition of AIBIFS is an excellent strategic fit for Capita. The acquisition will strengthen our service offering to both clients and business prospects alike."AIBIFS provides outsourced services, including corporate administration, treasury management, securitisation and middle and back office services to financial institutions and corporate clients.On Friday 22 July, Capita announced the acquisition of pensions administration and software business of NorthgateArinso for £27.5m. NR