18 January 2018
visit http://response.ncr.com

Microgen acquires Lynx Wealth Management Systems

13 July 2005  |  7043 views  |  0 hand shake (M&A)

UK IT services firm Microgen has acquired the entire issued share capital of Lynx Wealth Management Systems (LWMS), provider of trust, fund and private banking systems, for a total consideration of £3.7m, which includes debt of £1.6m.

LWMS is based in Eastleigh, Hampshire in the south of England and has offshore sales and support offices in Guernsey, Isle of Man and Cayman.

For the year to 30 September 2004, unaudited consolidated management accounts report LWMS revenue at £5.6m and an operating profit before exceptional items of £0.06m, although Microgen says the firm's operating performance has deteriorated in the current financial year. At 30 June 2005, LWMS had unaudited net liabilities of £2.4m. This includes a net debt of £1.6m which Micrgoen says it intends to pay.

Following the acquisition, LWMS will be integrated into Microgen's asset management business within the group's financial services division. LWMS's current premises in Eastleigh will be closed down in September.

Microgen says restructuring charges associated with the integration are estimated to be around £0.4m which will be incurred in the current financial year.

Microgen rencently pulled a £53.1 million offer for UK financial technology house AttentiV after being out-bid by Nordic software house TietoEnator.

In a brief trading update Microgen says the strong performance in Q1 reported in the AGM trading update in April provided a solid foundation for the first half of the year, although the customer caution experienced at that time has continued through to the second quarter.

But the board still expects that results for the six months to 30 June 2005 to be in line with the increased profit expectations, producing a strong performance in the half-year. Net funds at 30 June 2005 were £17.1 million, although this was before the acquisition of LWMS and recent purchase of R/Base, a UK provider of SAP applications management and consultancy services, which Microgen bought earlier this month for £1.22m in cash and shares.

Microgen shares were up 0.50 pence to 80.00 in morning trading.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

TietoEnator raises AttentiV bid

TietoEnator raises AttentiV bid

04 May 2005  |  5691 views  |  0 comments
Microgen trumps TietoEnator offer for AttentiV

Microgen trumps TietoEnator offer for AttentiV

28 April 2005  |  7986 views  |  0 comments
Microgen makes strong showing in financial services

Microgen makes strong showing in financial services

11 January 2005  |  3375 views  |  0 comments
Microgen to acquire AFA Systems for £7.2m

Microgen to acquire AFA Systems for £7.2m

13 August 2004  |  6855 views  |  0 comments

Related company news

 

Related company information

Microgen

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.capgemini.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
10598 views comments | 32 tweets | 36 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10093 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9671 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9213 views comments | 17 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8170 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job