MainstreamBPO Limited (ASX:MAI) has announced it has acquired Isle of Man based fund administrator Galileo Fund Services Limited as it looks to increase its presence in the UK and broader EU region.
Galileo has $1.1 billion of funds under administration and was privately held.
MainstreamBPO has indicated Galileo’s revenues are expected to contribute a 5 percent annualized increase to the Group’s forecast revenue in FY17.
Galileo’s founding principals and team will remain on with the business, with no wholesale changes expected to current operations.
MainstreamBPO Limited reported a net profit of $1 million at 30 June 2016.