Software as a service (SaaS) business FFastFill, which is listed on AIM, has bought the software assets known as Spread Intelligence.

Software as a service (SaaS) business FFastFill, which is listed on AIM, has bought the software assets known as Spread Intelligence.

London-headquartered FFastFill provides software services to the global derivatives market and will use the acquisition to enhance its existing Front Office capabilities with Spread Intelligence’s ‘highly sophisticated’ spread trading tools.

Hamish Purdey, chief executive of FFastFill says that the Spread Intelligence software suite will ‘significantly strengthen’ the spread trading capability of its Trade Execution Services (Front Office) platform.

He adds: ‘Our focus now rests on the successful integration of these technologies in to our business and, once complete, I look forward to announcing details of the new, enhanced services FFastFill will be able to provide.’

The deal is worth an initial £1.5 million on completion payable over a two year period. Under the terms of the acquisition this comprises of £250,000 in cash, with the remainder to be made up with the issue of new ordinary shares.

The payment is to be made in three transactions, with all cash contributions coming up-front. Additional share payments are subject to the condition that the founder is contracted as a consultant with the company at the due date for allotment.

The deal also includes two US patent applications.

For the year to date 31 March 2011 FFastFill recorded revenues of £12.1 million, up 15 per cent on 2010, and operating profit of £2.2 million.

The acquisition is the first for the SaaS business since its June 2007 purchase of Exchange Systems Technology in a £5.5 million deal.