Justin Wheatley, Statpro Group

Westchester was asked by us to make a complete survey of target companies in North America that might be suitable for Statpro in advancing our strategic plans. They did a very competent job, canvassing over 70 companies and providing us with 10 or so qualified targets with the result that we succeeded in all our objectives, namely to acquire a business with complementary products that could be cross-sold to our clients and to rebalance our revenue sources so that North America represents 50% of our revenues. Should we wish to make further acquisitions, we would certainly use them again.

In September 2006, Statpro announced the proposed acquisition of FRI Corporation and in October 2006 announced the completion of the transaction. FRI is an investment management solutions company based in Canada. It is a leading provider of securities information services, asset, wealth and trading management software solutions to approximately 190 clients, comprising fund managers and custodians, primarily based in the US and Canada. Under the terms of the agreement, Statpro acquired FRI for an aggregate consideration of CDN$53.0 million (approximately £25 UKP million or $47 million US$). Subsequently in July 2007, in keeping with our strategy of divesting non-core assets, Westchester played a further role in initiating the sale of the real time data business acquired in the FRI transaction to Tenfore Systems Ltd.

In April 2006, Statpro announced the acquisition of ALPHAI, Australia's leading performance measurement software business. Westchester also identified and advised Statpro in its acquisition of ALPHAI.

Statpro Group plc is a leading provider of portfolio analytics and data solutions for the global asset management industry. Over the past 13 years, Statpro has developed its products in close collaboration with international asset managers and can offer sophisticated portfolio analytics tools for risk management, fixed income analysis, performance measurement, attribution analysis, GIPS compliance and reporting. Statpro has over 400 client contracts in 25 countries, with 11 offices worldwide. Statpro has grown its recurring revenue from less than £1.0 million in 1999 to £18.8 million in 2007.

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