KUHN CAPITAL Monday, March 19, 2018
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Kanbay Can Do Accurum

March 3

Chicago-area financial services software vendor Kanbay has bought New York’s Accurum, a 180-employee specialist in IT consulting services for the securities industry, for $5 million in cash and a $7 million earn-out. At max value, the deal represents a multiple of 1x Accurum sales.

Accurum is Kanbay’s first buy and interestingly it doesn’t feature the use of stock to exploit Kanbay’s strong P/E multiple of 28. On the other hand, the firm has been building a cash war chest through its strongly profitable operations: the company’s return on sales averages about 15%.

Kanbay serves card issuers, commercial and retail lending institutions, securities and investment management firms and insurance companies. Accurum focuses on the IT needs of brokers and traders, and compliance, operations, research and risk management executives.

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