FundWorks completes restructuring

Source: FundWorks Global Limited

FundWorks Global Limited (formerly IMCO (182008) Limited) announces the completion of the acquisition of FundWorks UK Limited and the corporate reorganisation of the FundWorks business.

IMCO (182008) Limited, a 100% owned subsidiary of FW Group Holdings Limited, acquired the FundWorks UK Limited business, its assets and intellectual property through a pre-packaged administration process.

The purchase was completed by FW Group Holdings which was also the majority shareholder and major investor of FundWorks UK Limited. The company operations were also rationalised as part of the restructure to ensure an ongoing positive cash flow position, secured through an existing, healthy annuity revenue stream representing more than 65% of revenues.

To meet the growing operational risk management needs of Asset Management companies, FundWorks Global Limited has enhanced the Business Continuity Planning capability and Escrow facilities of FundWorks. The capital adequacy and liquidity of the business has also been increased with a direct capital injection from FW Group Holdings Limited.

Philip Goffin, CEO of FundWorks Global Limited stated, "FundWorks is a dynamic software engineering business with strong earnings potential and a global footprint. In 2009, earnings are forecast to grow beyond 2008's invoiced revenue numbers (£3.2m) and the new business pipeline remains encouraging despite the current economic environment. FundWorks solutions represent real cost benefits to our customers through automation and outsourcing and therefore, in difficult trading markets our solutions deliver an increasing value proposition".

Philip Goffin went on to say, "We continue to service our global customer base, deliver on our product vision and focus on new business development. Our key strategic priorities in 2009 include our commitment to investing up to 20% of revenues in product development. This commitment enables us to continue to deliver to our product roadmap which includes delivery of: FundSource 7, the outsourced fund factsheet service incorporating Adobe InDesign and on-demand document production; FundNets 7, for web content mt management; and FundReports 7, (available in Summer 2009), incorporating Adobe InDesign, combined with significant functional and technological enhancements to workflow manager, the drag-and-drop web-based user interface and data management."

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