The benefits from the deal are to add further product and asset classes to the Group, particularly equities;

• increases scale in structurally growing market;
• increases the Group percentage of recurring revenue;
• offers opportunity for revenue synergies cross selling Mixit product through Patsystems
• routing of Mixit customers’ futures trades to Patsystems’ network of derivatives market connections;
• the acquisition expects to be earnings accretive in first full financial year of ownership.
• For the financial year ended 31 March 2011 Mixit reported turnover of US$9.2 m adjusted EBITDA of US$0.9 m and adjusted PBT of US$0.6 million;
• revenue CAGR for the three years ended 31 March 2011 of 37% has been funded without outside funding from financial institutions since inception.
  
  Considerations for the acquisition:
• Initial consideration of £12.57m; maximum possible consideration of £17.57m payable, depending on the financial performance of Mixit for the year ending 31 March 2012
• Initial consideration satisfied as to £8.5m in cash and by the issue of 17.7m new Ordinary  Shares  (representing  8.6%  of the enlarged  issued  share  capital  of  the Company).
• Cash element of initial consideration funded as to £4.35m by new banking facilities from Barclays and as to £4.15m from existing cash resources.

David Webber, CEO of Patsystems notes: “Mixit has rapidly  established itself as a significant vendor in the North American equities OMS market. I am excited by the growth opportunities that the Group will see from repeating Mixit’s success globally and leveraging the combined strengths of  our technology and connectivity offerings.”

Walter Fitzgerald, President & CEO of Mixit added “Patsystems’ existing global footprint along with  Mixit’s extensive  network provides the  infrastructure for  our  products to  be distributed seamlessly worldwide and offer clients access to global multi-asset electronic trading technology.”