StatPro has acquired the regulatory risk services bureau of ODDO BHF, which provides a managed service for regulatory risk reporting that will be integrated with the company’s Revolution portfolio analytics platform.
The deal was made for an undisclosed sum in cash and adds 10 clients to StatPro’s client base in Germany and Luxembourg. StatPro will also take on the employees of ODDO BHF risk services in Frankfurt, where they will join StatPro’s existing operations. The regulatory risk service extends StatPro’s capability and produces annualised recurring revenues of about €1.7 million.
Justin Wheatley, CEO at StatPro, says: “Over more than 10 years, ODDO BHF Bank has established its regulatory risk service as the benchmark in the German and Luxembourg markets. With this acquisition, we gain new clients, the expertise of the ODDO BHF risk team,and add to our existing managed services for valuations and performance measurement with risk reporting.
“Once software replacement is completed, we will expand the service to other geographies. Ultimately, we will be able to offer clients a choice of service delivery, with clients using either software-as-a-service or StatPro’s managed service.”