Acquisition of Jobstream Group Limited

RNS Number : 1825T

Microgen PLC

16 July 2015

 

microgen

www.microgen.com                                                                              16 July 2015

ACQUISITION OF JOBSTREAM GROUP LIMITED

Microgen plc ('Microgen') is pleased to announce the acquisition of Jobstream Group Limited ('Jobstream') from LT Group Limited for a total consideration of £3.5 million. This third acquisition continues the defined strategy of consolidation in the Trust & Fund Administration market and has again been funded through Microgen's existing cash resources. The acquisition of Jobstream is anticipated to be earnings enhancing in FY 2016 following completion of the integration in the current financial year.

Jobstream is a Cambridge-based provider of wealth management software for the offshore finance industry and will be integrated into Microgen's Financial Systems business. Jobstream, together with the earlier acquisitions of Unity Software Limited and Finalysys Limited, provides the Financial Systems business with an increased client and recurring revenue base within its core Trust & Fund Administration sector.

Jobstream's revenue in the year ending 30 June 2014 was £1.8 million with adjusted operating profit for the year of £0.2 million. The gross assets at 30 June 2014 were £1.4 million and it is anticipated that at completion there will be cash and net funds of approximately £0.5 million.

Contacts

Martyn Ratcliffe, Chairman                                            020-7496-8100

Philip Wood, Group Finance Director

Lucy Delaney, FTI Consulting                                        020-3727-1131

 

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