TMX Group Inc. (TSX:X) says it has met the requirements to trigger an automatic takeup of shares in its bid for Australia’s Razor Risk Technologies Ltd., a provider of credit risk software.

The operator of Canada’s largest stock exchange said Wednesday that 91.2% of outstanding shares have been tendered to the bid.

In November, TMX Group entered a $10.2-million takeover agreement for all of the company’s stock that was conditional on at least 90% acceptance from shareholders.

Razor, headquartered in Sydney, provides credit risk software to clearing houses, stock exchanges, financial institutions and brokerages around the world.

Part of the initial offer included an additional one- or two-cent per share payment if there was excess working capital in Razor when the offer became unconditional.

However, the TMX said that it has been determined that working capital has been calculated to be nil.