Business software developer Microgen Financial Systems, a London-based company that is part of the technology group Microgen Plc with a £32m (€42m) turnover last year, said that it acquired the Limassol-based InfoScreen (Cyprus) Ltd.
“We are very pleased today to announce our entry into the Cyprus market,” Simon Baines, chief executive at Microgen Financial Systems, was quoted as saying an emailed statement on Wednesday. “The acquisition of InfoScreen serves to expand Microgen’s position further in a strategically important sector for the company”.
Microgen Plc, which is listed in the London Stock Exchange, said in a May 16 statement on its website that the price of the buyout was €1.8m. InfoScreen generated an operating profit of €0.1 last year, which is one-tenth of its turnover, the mother company said, adding that “the net liabilities at 31 December 2015 were €0.2m including net bank and vendor debt of €0.4m”.
“A key element of the strategy of the financial systems business is to increase the proportion of its revenue derived from the trust and fund administration sector and InfoScreen represents the fourth acquisition by (Microgen) Financial Systems within this sector since December 2014,” Microgen Plc continued. “The (Microgen) Financial Systems business continues to progress a number of other add-on acquisition opportunities within the wealth management sector”.
In its statement, Microgen Financial Systems said that “software maintenance, support and development services on InfoScreen’s Quorum software will continue to be provided by the former InfoScreen team, with the business joining Microgen’s existing experienced trust, corporate services and fund administration software operations”.
Bojan Mijuskovic, formerly InfoScreen’s director of products and services, will lead the team as general manager of Microgen Cyprus, working closely with Baines, Microgen FS said.