Financial software and services specialist DST Systems Inc of Kansas City, Missouri has paid around UKP11m in an agreed offer for Cheam, Surrey-based Clarke + Tilley Ltd. DST already had a small stake in the UK company, acquired when the two set up a UKP2.25m joint venture last year. The deal is essentially a geography for technology swap; DST is using Clarke + Tilley to give it a boost into the UK and continental markets, in return for which the team from Cheam gets access to image processing and other capabilities, which it will integrate into its existing software. Clarke + Tilley supplies multi-currency / multi-asset investment management software and has just embarked on a growth programme that saw it open offices in South Africa and Australia. Recently announced results for 1992 saw pre-tax profits rise 69% to UKP556,000 on turnover of UKP5.1m. Meanwhile DST, which supplies mutual fund – unit trust processing systems in the US is projecting revenue over $300m for 1993. Clarke + Tilley managing director Mike Winn will be staying on as managing director of the UK end and says that he is planning on further growth and does not expect any redundancies following the take-over.
