Cinnober sells 60 percent of subsidiary Irisium 05 June 2018London Reporter: Jenna Lomax
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Cinnober has sold 60 percent of its subsidiary, Irisium, to KRM22, a technology and software investment company.
London-based Irisium is a real-time market surveillance solution, which offers market operators a path from the detection of market abuse to presentable evidence.
KRM22 is purchasing 60 percent of Irisium’s equity and debt from Cinnober for £2.571 million and Cinnober will retain a 40 percent ownership stake in Irisium.
KRM22 is a London-listed investment company that invests in, and acquires stakes in, selected technology companies with a focus on risk management software to the capital markets sector.
Cinnober has taken a 9.7 percent stake in KRM22.
Veronica Augustsson, CEO of Cinnober Group, said: “Today’s announcement is consistent with our ambition when we acquired Irisium to find a strategic partner to accelerate growth and consolidate the surveillance market.”
She added: “We have strong confidence in KRM22 following a multi-year relationship with its founders and senior leadership team who have extensive experience and knowledge in building software as a service solutions.”
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