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5 Dec 2014 07:00
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microgen
www.microgen.com 5 December 2014
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ACQUISITION OF UNITY SOFTWARE LIMITED
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Microgen plc ('Microgen' or 'the Group') is pleased to announce the acquisition of Unity Software Limited ('Unity'), a Jersey-based provider of wealth management software for the offshore finance industry. The consideration for the acquisition is Β£1.3 million payable in cash on completion, with adjustment for excess cash in the business at completion.
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Unity will be integrated into Microgen's Financial Systems business. A key element of the strategy of the Financial Systems' business is to increase the proportion of its revenue derived from the wealth management sector through add-on acquisitions. This acquisition provides the Financial Systems business with an increased client and recurring revenue base in one of its core sectors together with an office in Jersey, a key geographical market for its products.
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A number of further add-on acquisitions in the wealth management sector continue to be progressed, although the Board remains prudent and, as always, there can be no certainty that any acquisitions will be completed.
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Contacts
Martyn Ratcliffe, Chairman 020-7496-8100
Philip Wood, Group Finance Director
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Lucy Delaney, FTI Consulting 020-3727-1131
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