Kompas, which employs 10 people and provides trust and corporate services globally, will be renamed PraxisIFM Netherlands BV.
Simon Thornton, CEO of PraxisIFM, said Kompas stood out as an acquisition because it has “great experience in an area that offers high growth potential for us.”
PraxisIFM, which was founded in 1972 and, according to its website, has more than $42bn under administration, has registered companies in the Channel Islands, UK, UAE, Switzerland, New Zealand, Mauritius, Malta and Luxembourg.
It employs more than 300 people and provides services in areas including private clients, funds, pensions, companies, real estate, and asset financing and treasury.
Record performance
The announcement of the acquisition comes as PraxisIFM, which describes itself as one of the largest independent financial services companies in the Channel Islands, said it had achieved record financial performance.
In the year to the end of April 2017, the company reported that group revenue was up 26% to £35.1m and EBITDA up 29% to £8.3m. On the back of the results, the company, which listed on the Guernsey-based International Stock Exchange in April, declared a dividend of 1p per share.
PraxisIFM chief executive Thornton said: “PraxisIFM continues on its strategic journey to grow the business via a combination of organic growth driven by its entrepreneurial and professional ethos and acquisition of businesses that strengthen the three service divisions, develop a global network and attract key personnel.”
