7th Nov 2005 07:00
Microgen PLC07 November 2005 microgen Information Management Solutions www.microgen.co.uk 7 November 2005: embargoed for 7.00am Acquisition of Milvus Software Limited Microgen plc has acquired the entire issued share capital of Milvus SoftwareLimited ("Milvus"), a provider of solutions for private and internationalbanking, from Blue Diamond Limited. Further information on Milvus can be foundat www.milvussoftware.com. For the year ended 31 December 2004, audited consolidated accounts reportrevenue for Milvus of £3.7 million and an operating profit of £0.59 million. Asat 31 December 2004, Milvus had net assets of £0.49 million, including net fundsand amounts due from Blue Diamond Limited of £1.9 million. The cashconsideration paid in respect of the issued share capital of Milvus is £4.5million, but following repayment of all amounts due from Blue Diamond, theenterprise value of the transaction is approximately £2.5 million. There are nodeferred payments. Milvus is headquartered in Guernsey, with offices in Barnstaple and Bracknell.Milvus will be integrated into Microgen's Asset & Wealth Management businesswithin the Group's Financial Services division. Restructuring charges associatedwith the integration are estimated to be in the order of £0.4 million which willbe incurred in the current financial year. Contact : Mike Phillips, Group Finance Director 01252 772312 Giles Sanderson, Financial Dynamics 020-7831-3113Ben Way, Financial Dynamics This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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