18 December 2017
visit www.avoka.com

Mondas buys Blue Curve; warns of lower revenues

24 November 2005  |  4838 views  |  0 hand shake

UK-based banking and securities systems vendor Mondas has acquired Blue Curve, a provider of research distribution software to financial firms, in an all share deal worth £3 million.

Blue Curve's software and services enable investment banks and fund managers to create, process and distribute financial research and documentation.

For the year ended 31 December 2004, the company incurred a loss after taxation of £91,000 on sales of £979,000.

Under the acquisition deal, Blue Curve will receive an initial consideration of £925,000 through the issue of 5.6m new Mondas shares at 16.5p per share. The deferred consideration of up to £2,075,000 will be based on Blue Curve's revenues for the year ending 31 December 2006.

Mondas says considerable opportunities exist to exploit synergies between the two companies and to eliminate duplicated overheads.

Jarlath McGee, chief executive of Mondas, adds: "This acquisition is a key element in creating critical mass within the banking and securities division and complements our product offerings to the investment management market."

But the news comes as Mondas warns that for the six months ended 31 October 2005, revenues will be lower than the comparative period last year due to project slippages within its banking and securities division.

AIM-listed Mondas says the drop in revenues in the period has been partially offset by revenue growth within its resource division, following an increased level of new name sales.

However the group says operating costs have been reduced, including a significant reduction in restructuring charges, and so it expects to incur a lower pre-tax loss compared to last year.

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

Mondas raises £100,000 for acquisitions

Mondas raises £100,000 for acquisitions

23 September 2005  |  5266 views  |  0 comments
Mondas claims first ever full year profit

Mondas claims first ever full year profit

12 July 2005  |  4270 views  |  0 comments
Mondas shares surge on profit forecast

Mondas shares surge on profit forecast

03 May 2005  |  4318 views  |  0 comments
Mondas inks Williams de Broë contract

Mondas inks Williams de Broë contract

04 April 2005  |  3746 views  |  0 comments
Mondas looks ahead after traumatic first half

Mondas looks ahead after traumatic first half

28 January 2005  |  4493 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.thomsonreuters.infovisit www.ebaday.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
11359 views comments | 3 tweets | 4 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
10550 views comments | 21 tweets | 26 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7849 views comments | 19 tweets | 22 linkedin
Digital banking startup Loot secures £2.2 million seed roundDigital banking startup Loot secures £...
7710 views comments | 5 tweets | 11 linkedin
Nordea takes Open APIs into live productionNordea takes Open APIs into live productio...
7525 views comments | 6 tweets | 26 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job