Last checked at 16 May 2016 07:00
microgen
www.microgen.com 16 May 2016
ACQUISITION OF INFOSCREEN (CYPRUS) LIMITED
Microgen plc ('Microgen') is pleased to announce the acquisition of Infoscreen (Cyprus) Limited ('Infoscreen') for consideration of €1.8 million. Infoscreen is based in Cyprus with additional offices in Hong Kong and Belgrade. Infoscreen's software is used by approximately 200 clients in the Trust & Fund Administration sector providing the business with a strong recurring revenue base.
Infoscreen and its subsidiary's revenue in the year ending 31 December 2015 was €1.0 million with operating profit for the year of €0.1 million. The net liabilities at 31 December 2015 were €0.2 million including net bank and vendor debt of €0.4 million.
A key element of the strategy of the Financial Systems business is to increase the proportion of its revenue derived from the Trust & Fund Administration sector and Infoscreen represents the fourth acquisition by Financial Systems within this sector since December 2014.
The Financial Systems business continues to progress a number of other add-on acquisition opportunities within the wealth management sector.
Contacts
Philip Wood, Group Finance Director 020-7496-8100
James Melville-Ross / Darius Alexander 020-3727-1000
FTI Consulting