Alpha FMC acquires cloud SaaS business Obsidian Solutions Limited
Alpha FMC, a provider of specialist consultancy services to the Asset and Wealth Management industry has completed the acquisition of Obsidian Solutions Limited, a financial services cloud-based SaaS business in the United Kingdom.
Obsidian brings a highly complementary suite of financial service software products including advanced business intelligence, client portals, reporting, and automated subscription/KYC management to Alpha FMC.
Alpha FMC is paying GBP5.7 million cash in two instalments to conclude the deal, the first instalment being payable on completion and the second after six months, plus a four-year, performance driven earn-out mechanism designed to maximise long-term recurring earnings
Euan Fraser, Alpha's Global CEO, says: "I am delighted to welcome the Obsidian team to the Alpha Group. This acquisition enhances and extends the Alpha Data Solutions’ 360 SalesVista product offering, for which we continue to experience strong client demand. It also strengthens the Group’s work with hedge fund clients, brings Alpha a highly skilled product development team and creates a strategic growth opportunity with a recurring revenue model. Following our recent successful Axxsys acquisition, this transaction demonstrates Alpha’s focus on highly selective bolt-on acquisitions, as well as continued organic expansion globally."