GlobalData inks deal to acquire Celent

(Sharecast News) - GlobalData announced on Tuesday that it has signed an agreement to acquire Celent, a research and advisory firm within Marsh McLennan's Oliver Wyman Group, as part of its ongoing merger and acquisition strategy.

The AIM-traded firm said the transaction, expected to complete on 31 December subject to closing conditions, would be funded from its existing cash resources.

It said the acquisition followed its deal with Inflexion to accelerate growth through targeted bolt-on acquisitions.

The group was reportedly progressing towards its goal of achieving £500m in annual revenue by the end of its three-year growth plan.

Celent, with more than 20 years of experience, specialises in advising technology and strategy leaders in the financial services sector.

GlobalData expected the addition of Celent's expertise to enhance value for its existing customers while opening new market opportunities.

"The acquisition of Celent represents a further complimentary acquisition, which is aligned closely to our bolt-on philosophy," said chief executive officer Mike Danson.

"I would like to take this opportunity to welcome our new group of highly talented colleagues and their valued customers to the group and wish them every success for the future with GlobalData."

At 1151 GMT, shares in GlobalData were down 0.2% at 185.63p.

Reporting by Josh White for Sharecast.com.