ACQUISITION OF INFOSCREEN (CYPRUS) LIMITED

RNS Number : 2275Y

Microgen PLC

16 May 2016

 

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

 

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