StatPro has announced the acquisition of UBS Delta, the investment bank’s portfolio analysis and risk management cloud-based system that enables clients to measure risk and performance across fixed income, commodities, equities and FX. It is front office focused and noted for its fixed income risk and attribution capabilities. StatPro is paying €13 million in cash over three years, funded by additional committed facilities from Wells Fargo; the price equates to around 4.5x to 5.5x estimated EBITDA. UBS will continue to operate and support the UBS Delta service for its clients until StatPro has enhanced its StatPro Revolution platform such that it ‘reaches functional parity with the UBS Delta service’. We view this as a material deal which adds impetus to the Group and represents a very good strategic and tactical fit. StatPro expects the deal to be earnings enhancing in the current financial year. We increase estimates to reflect the deal with Adjusted EBITDA rising by 29% and 53% in FY 2017E and FY 2018E respectively.