Microgen has announced the acquisition of Finalysys, a Jersey-based provider of wealth management software for the offshore finance industry.
The maximum consideration payable for the acquisition is £0.3 million including a deferred element. The acquisition of Finalysys follows the purchase in December 2014 of Unity Software Limited.
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Finalysys 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 wealth management software through add-on acquisitions.
This acquisition provides the Financial Systems business with an increased client and recurring revenue base within its core Trust & Fund Administration sector.
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.
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