YORKSHIRE software company Applied4 Technology has been bought by a US firm which specialises in selling risk management products to financial companies.
The Leeds-based business, which develops software that analyses investment performance, was bought by RiskMetrics Group, a $1bn company quoted on the New York Stock Exchange, for an undisclosed sum.
RiskMetrics Group said it was attracted to Appli
ed4 by its expertise in the field of investment performance measurement, a market it has been looking to enter following feedback from their clients.
In the six months to June 30, RiskMetrics saw sales rise 31 per cent to £82.7m. Earnings before interest, tax, depreciation or amortisation rose 42 per cent to £26.7m.
The deal was brokered by Stephen Frazer of RSM Bentley Jennison with legal advice by Paul Raftery of Mace & Jones.
Mr Frazer said: "In times of financial turmoil, it is great to see there are still business opportunities with the USA; but the fit has to be right."
Mr Raftery added: "We were delighted to act for the Applied4 team and to see them achieve not only a significant early reward for their efforts and vision, but a key ongoing role in the RiskMetrics business."
Applied4 Technology was established in 2006 by chief executive Mick Brant and former colleagues from Mellon Analytical Solutions (formerly Russell/Mellon CAPS).
Mr Brant said: "Never more has the financial market required robust tools for investment analysis. The strength of RiskMetrics expertise in the risk field, their market data and their technology, combined with our expertise in the performance field enables us to bring a combined performance and risk offering to the market.
"We have built a highly skilled and specialist team to develop and deliver an innovative performance measurement platform that is crucial in such financially challenged times."
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