London-listed StatPro has bought Kizen, a local provider of compliance software.
In a statement, the AIM-listed company said the acquisition was in line with its growth plans and strategy to acquire complementary multi-product offerings.
"The acquisition of Kizen brings a compliance product at a time when there is increasing focus by asset managers on managing their risks and monitoring the compliance of their portfolios against client mandates."
StatPro CEO Justin Wheatley said: "We believe compliance is a high growth area and that there will be considerable sales benefits in offering fully integrated systems to our global client base."
The company recently acquired a company in Australia and intends continuing with growth through acquisition.
"We are delighted to be joining the team at StatPro and look forward to integrating our product to enable us to fulfil our international expansion ambitions for our compliance product," says Kizen director Neil Hampton.
Kizen has six employees, including the four founding directors at its Cape Town office. The operations will be integrated within the group's existing South African operations of five people also based in Cape Town, led by Andrew Peddar, MD of StatPro South Africa.
Kizen's product, which will be marketed as StatPro Portfolio Compliance, will be integrated with the StatPro product suite and is complementary to its Risk Management system.
Robert Chung, Neil Hampton, Robin Kemper and Chris Stefano established the company in Cape Town in 2003. This team developed its compliance product, and now has 10 clients, all based in SA.
It reported revenue of R6 million for the year ended February. The prior year saw it report R2.2 million.
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