A London-based software as a service (SaaS) firm has been acquired by a global provider of consultancy services in a multi-million pound deal.
Alpha Financial Markets Consulting has purchased 100 per cent of the issued share capital of cloud-based SaaS business Obsidian Solutions.
With offices in the UK and Serbia, Obsidian specialises in financial service software products including advanced business intelligence, client portals, reporting, and automated subscription KYC (Know Your Customer) management.
Euan Fraser, Alpha’s global CEO, commented: “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.”
Lazar Radenovic, Obsidian’s CEO, added: “We are very excited at this significant milestone as Obsidian joins forces with Alpha.
“Having collaborated with Alpha’s product development this year, I believe that being part of the Alpha Group is the very best place for us to achieve our corporate growth ambitions leveraging Alpha’s leading market position in the wealth and asset management sector.”
Sourced from BDaily News - Written by Jane Imrie