Microgen acquires Milvus Software

Source: Microgen

Microgen plc has acquired the entire issued share capital of Milvus Software Limited ('Milvus'), a provider of solutions for private and international banking, from Blue Diamond Limited.

For the year ended 31 December 2004, audited consolidated accounts report revenue for Milvus of £3.7 million and an operating profit of £0.59 million. As at 31 December 2004, Milvus had net assets of £0.49 million, including net funds and amounts due from Blue Diamond Limited of £1.9 million.

The cash consideration paid in respect of the issued share capital of Milvus is £4.5 million, but following repayment of all amounts due from Blue Diamond, the enterprise value of the transaction is approximately £2.5 million. There are no deferred payments.

Milvus is headquartered in Guernsey, with offices in Barnstaple and Bracknell. Milvus will be integrated into Microgen's Asset & Wealth Management business within the Group's Financial Services division. Restructuring charges associated with the integration are estimated to be in the order of £0.4 million which will be incurred in the current financial year.

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