TradeLabs acquires Right Deal

TradeLabs, a PLUS-listed algorithm trading company, has acquired IT distribution company Right Deal for up to $1.25 million (£750,000).

TradeLabs, a PLUS-listed algorithm trading company, has acquired IT distribution company Right Deal for up to $1.25 million (£750,000).

Hong Kong-based Right Deal provides hardware and software to customers in the Far East, the Middle East and Europe. The company generated pre-tax profits of $80,000 in 2008.

Niraj Goel, CEO of TradeLabs, said: ‘It is the nature of private companies that their commercial value is frequently understated. Right Deal’s proven underlying profitability makes it an ideal fit with TradeLabs.’

In the four months to December 2008, TradeLabs reported revenue of £915,000 and gross profits of £787,000.

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary... More by Nick Britton