Last checked at 5 Dec 2014 07:00
microgen
www.microgen.com 5 December 2014
ACQUISITION OF UNITY SOFTWARE LIMITED
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 £1.3 million payable in cash on completion, with adjustment for excess cash in the business at completion.
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.
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.
Contacts
Martyn Ratcliffe, Chairman 020-7496-8100
Philip Wood, Group Finance Director
Lucy Delaney, FTI Consulting 020-3727-1131