Acquisition

RNS Number : 8441Y

Microgen PLC

05 December 2014

 



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

 

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