GBST is pleased to announce the settlement of its acquisition of the Palion broking business from OMX Technology Australia Pty Ltd (“OMX”) for AUD$5.1 million.
As previously advised, the acquisition is expected to make an immediate positive contribution to cash flow and EBITDA, and the Directors of GBST expect the integrated business to make a strong contribution to EBITDA and EPS in its first full year.
“We have had an overwhelmingly positive response to the acquisition from the Palion customers that we have recently visited. There is definitely some strong interest in participating in the integration of the products” said GBST Chief Executive Officer, Mr Stephen Lake.
Company Secretary of Bell Potter Securities, Gary Stranger said “As a long term user of both the GBST and Palion systems we see the planned integration of the two products as a great advancement in the efficient clearing and settlement of trades.”
“It is also great from a new business point of view to now have the opportunity to speak to those clients who do not currently use the GBST system. We hope to continue to build good relationships with these clients with a view to having more of our solutions operating in their businesses.” remarked Mr Lake.
GBST will update the market regarding our product integration plans for the GBST and Palion products in due course.