Trading software company Brady has agreed to acquire the Norwegian business Viz Risk Management Services for £9.6 million.

Market trading software company Brady has agreed to acquire the Norwegian business Viz Risk Management Services for Kr92.5 million (£9.6 million).

The acquisition is to be funded by a £15 million fundraising on AIM, and the balance of the placing will be used to provide additional working capital for Brady.

Gavin Lavelle, chief executive of Brady, comments: ‘The acquisition of Viz will greatly strengthen our offering in the energy markets.’

Both Brady and Viz Risk provide trading and risk management systems for the energy markets. Viz Risk operates in Northern and mainland Europe in the electricity, gas, emission certificates and coal markets. The company’s clients include energy traders and investment banks.

The directors of Brady state that the acquisition of Viz Risk will be an important step on the way to the company’s goal of becoming a consolidator of commodity software companies.

Cambridge-based Brady has offices in the US, Singapore and Europe. In 2009 the AIM-listed company declared a net profit of around £1.4 million on a turnover of £8.2 million.