Wilton, Connecticut, March 18 (Bloomberg) -- TSI International Software Corp., which makes software that links unrelated business software, said it will buy U.K.-based Braid Group Ltd. for about $95.2 million in cash and stock.
TSI will pay $30 million cash and stock valued at $65.2 million for closely held Braid, which makes financial-transaction software used by banks and securities firms.
TSI agreed to pay an additional $20 million if Braid meets certain performance goals, the company said in a statement.
TSI Chief Financial Officer Ira Gerard said Braid, which handles 40 percent of all equity trades on the London Stock Exchange, will add about $23 million to TSI's revenue for the remainder of this year, and is expected to add about $35 million next year. TSI had revenue of about $45 million last year.
Braid's 150 employees will be retained, and Braid founder and Chairman Richard Little will become a TSI director, the company said.
Shares of Wilton, Connecticut-based TSI rose 3 13/16 to 59 5/16.
16:37:38 03/18/1999 |
