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FFastfill expands its footprint with Spread Intelligence

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Ffastfill logoHaving made the commitment to SaaS at FFastfill and starting to reap the benefits (see Ffastfill fast filling profit gap), the provider of derivatives trading software is building out the capability of its existing Front Office (Trade Execution Services) SaaS platform through the acquisition of Spread Intelligence, a software house that offers spread trading tools.

The maximum the acquisition will cost is £1.5m, payable over a two year period, comprising £250,000 in cash and the rest in shares. It expected to be earnings neutral in the current financial year and earnings enhancing thereafter. Spread Intelligence founder, long term spread trader Darren Lee, will join FFastfill as a consultant.

FFastfill has struggled with profitability and the move to SaaS has hit margins and working capital but is back on track now – the financial year to 31 March saw a near doubling of operating profit which took margins from 8.5% to 13.6%. Margins could improve again if the acquisition reduces the need for FFastfill to handle third party software. The acquisition looks like a good and easily affordable purchase for the company (who reported revenue of £15.5m for the last full year). It will expand the scope of its native offering, providing the integration goes well of course. 


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