UK life and pensions software house Wealth Management Software has acquired document management firm Genisys Technology for £0.21 million in a mixture of cash and shares.
Genisys had 200 clients and net assets of £63,872 as at 30 June 2004. In the financial year ended 30 June 2004, the firm posted a turnover of £401,756 and a profit before tax of £27,349.
The acquisition enhances the WMS group's existing portfolio of document management products, including the recently re-launched Lisa Concerto toolset.
Paul Newton, WMS chairman, comments: "The Genisys acquisition provides us with a cost effective and highly functional solution suitable for many essential business applications across a range of sectors while Lisa Concerto enables us to satisfy middle to larger range requirements - again across multiple sectors."
He says the firm has already installed Lisa Concerto in two leading banks within the UK and is currently talking to several other organisations about the product.