Last checked at 19 May 2008 07:00
| Embargoed until 0700 | 19th May 2008 |
Focus Solutions
("Focus" or the "Company")
Holding in Company
Focus Solutions, (AIM: FSG), a leading provider of proven enterprise solutions to the financial services market, announces that on 15th May 2008 it was informed that funds managed by Azini Capital Partners LLP ("Azini") had acquired 7,916,318 Ordinary Shares in Focus, representing 26.9% of total voting rights. This acquisition makes Azini Capital the Company's second largest shareholder.
All of these shares were acquired from funds managed by Top Technology Ventures, the UK-based venture capital company which specialises in providing equity funding for early stage technology based growth companies and is now part of IP Group plc. Top Technology, which has had a significant interest in the company since 1997, will no longer have an interest in the Ordinary Shares of the Company following the completion of the sale of shares to Azini.
Azini Capital is an investment firm that specialises in acquiring sizeable stakes in venture capital backed and small cap public technology companies. The firm provides historical investors with liquidity in private or otherwise illiquid situations and can help the companies in which it invests with additional capital to support growth or M&A activity. Azini looks to unlock intrinsic value over the medium term.
Commenting on Focus' new shareholder, Richard Stevenson, CEO said:
"Top Technology Ventures have been a great long term investor and we are grateful for their support over the years. Azini Capital's new investment builds on this and provides the company with a solid platform from which to realise our medium term ambitions."
John Streets, Founder of Focus and still the Company's largest shareholder added:
"I welcome Azini's involvement and believe that the alignment between myself, Azini and the management team provides a strategic investment platform for the benefit of the Company, its customers, staff and shareholders."
Commenting on its recent investment, Nick Habgood of Azini Capital said:
"We were impressed with the focus:360° product. Combined with the company's existing domain expertise, blue chip customer base and reputation for technical competence and delivery, we conclude that there is a great deal of value to be unlocked during the expansion of the company in the coming months and years."
Magnus Goodlad, COO of IP Group plc added:
"Azini Capital offered us an opportunity to exit quickly and cleanly. The sale allows us to deliver value to our investors and provides Focus with a long term supportive shareholder to accelerate their growth strategy."
END
Enquiries:
Focus Solutions Group plc 01926 468300
Richard Stevenson - Chief Executive
Martin Clements - Finance Director
Daniel Stewart 020 7776 6550
Graham Webster/Chloe Ponsonby
Smithfield 020 7360 4900
Tania Wild/Miranda Good/Reg Hoare
Notes to editors:
About Focus Solutions Group plc
Focus Solutions is an established and proven supplier of enterprise solutions to the financial services industry in both the UK and Ireland. Focus has an unrivalled reputation, based upon vast experience, domain knowledge and technical expertise in delivering successful market leading sales automation solutions to some of the foremost financial institutions, providing a benchmark by which other vendors are judged.
Focus offers organisations an integrated whole office solution through a single technology platform - focus:360˚. A suite of modular, configurable components that provides a complete end to end technology solution for financial services distributors, focus:360˚ combines front office solutions with sales process and support tools and back office capability - a first for the industry!
Focus has a successful track record of implementing multi-channel solutions across a broad range of financial services products to thousands of end users, enabling client's to concentrate on their core business - providing quality, compliant financial advice.
For further information on Focus, please visit www.focus-solutions.co.uk.
About Azini Capital
Azini Capital acquires portfolios, entire companies or significant shareholdings in technology companies from existing investors and, together with such an acquisition, can provide an injection of fresh capital into the target companies.
Azini Capital Partners LLP is authorised and regulated by the Financial Services Authority.
www.azini.com
About IP Group plc
www.ipgroupplc.com