Investment summary

In its largest acquisition to date, Brady is purchasing Navita Systems for £17.1m. It is also raising £16.7m (net) through a share placement with institutions to fund the acquisition. The deal boosts Brady’s annual revenues by c 50% and highlights the support from institutional investors. We view Navita as another excellent fit, further strengthening the group’s ECTRM standing, broadening the solutions it can offer clients in the energy vertical, and boosting the customer base to c 250.

Last updated on 07/02/2012

Industry outlook

Brady provides trading, risk and connectivity software solutions to the global commodity and energy market – mining and oil companies, fabricators, traders, banks etc. Key operational drivers are that the target market is under-invested in IT and auditors, and regulators are seeking increased reporting and accountability across the industry.

Last updated on 09/12/2011