Guernsey-based PraxisIFM is extending its global reach with the acquisition of Kompas International in the Netherlands.

It is the first acquisition the independent financial services group has made since it listed on The International Stock Exchange, which was announced in April.

Kompas, which provides trust and corporate services, will be known as PraxisIFM Netherlands BV following the deal.

PraxisIFM Chief Executive Simon Thornton said Kompas stood out in its field for its high quality of services and exceptional management team.

"They have great experience in an area that offers high growth potential for us," he said.

Dr Thornton added that the deal, which follows four other acquisitions between April 2016 and April 2017, extends PraxisIFM's global footprint.

He said: "Kompas is headquartered in the Netherlands, a strategically advantageous jurisdiction in Europe. All staff will be retained and there'll be no office changes."

Kompas International is a service provider with a long-standing client base, led by managers with decades of experience in the industry. As part of PraxisIFM, they will be able to deepen the expertise and services offered to clients and expand their international reach.

Kompas Commercial Director Guido Wagenaar said being part of PraxisIFM would provide the space and support to take its ambitions further.

"During our conversations I have felt the support of PraxisIFM's management, a very involved group of people, which makes me feel confident that we have found the platform from which our services can grow," he said.

The parties have agreed not to disclose the financial terms of the transaction, which is subject to regulatory approvals and other customary closing conditions.

With more than 300 staff across multiple jurisdictions, PraxisIFM is one of the largest independent and owner-managed financial services groups headquartered in the Channel Islands.

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