Australian fund administrator MainstreamBPO has agreed to acquire Trinity Fund Administration’s Dublin and Cayman Islands operations for $5m.

Founded in 1993 by CEO John McCann, Trinity offers administrative, transfer agency, company register, corporate secretarial, risk and regulatory reporting and other ancillary services to over 140 funds and investment vehicles.

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MainstreamBPO will pay $3.5m in cash upfront following the completion of the deal. Of the remaining amount, up to $0.5m will be paid in cash over three years and up to $1m will be paid in MainstreamBPO shares over three years.

The acquisition is expected to bolster MainstreamBPO’s corporate, compliance, risk and data analytical reporting capabilities and allow it to enter the European UCITs and SICAV markets.

All 30 employees of Trinity will join MainstreamBPO as part of the acquisition.

McCann will assume the role of CEO at MainstreamBPO’s European and Cayman businesses and will also become a member of MainstreamBPO’s executive team.

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The deal is expected to be completed in July 2017, subject to regulatory approval. Before the deal completion, MainstreamBPO plans to launch an equity capital raise. Proceeds from the capital raised will be used to fund the transaction, MainstreamBPO said.

MainstreamBPO CEO Martin Smith said: “The addition of Trinity’s group of companies to MainstreamBPO means we now have an established footprint in two more leading fund domiciles – the US$2.2 trillion Irish funds market and US$5.7 trillion Cayman fund market – to support our global cross-border client strategy.”