Business
Acquisition of RevStream
Acquisition of RevStream.
About this update from Aptitude Software Group Plc
[{"type":"text","content":"\n \nRNS Number : 3757P Microgen PLC 31 August 2017 \n\nmicrogen\nwww.microgen.com 31 August 2017\n \n \n \nACQUISITION OF REVSTREAM INC.\nMicrogen plc ('Microgen') is pleased to announce the acquisition of RevStream Inc. ('RevStream'), a California-based provider of revenue management enterprise software. The acquisition broadens and complements the specialist capabilities within Microgen's Aptitude Software business ('Aptitude') and provides access to RevStream's growing client base in the technology sector.\nRevStream will be integrated into Aptitude which already has an established office in Boston and a strong North American presence with over 50% of H1 2017 Aptitude revenues generated in the US and Canada. \nSince 2015 Aptitude has established a market leading position in the telecommunications sector with the Aptitude Revenue Recognition Engine ('ARRE'), an application which enables organisations to address the requirements of IFRS 15 and ASC 606. ARRE has established this strong position as a result of its capability to process very rapidly a very high volume of complex, business event-driven transactions and calculations. The acquisition of RevStream enables Aptitude to offer broader revenue management functionality which augments the specialised capabilities of ARRE. \nRevStream's growing client base, primarily focussed on the technology sector, complements Aptitude's strong presence within the financial services, insurance and telecommunications sectors and provides cross-selling opportunities for both organisations' products. In addition, RevStream's existing cloud capabilities will be leveraged across Aptitude's new applications where cloud deployment is appropriate.\nConsideration for the entire issued and to be issued shares of RevStream is £9.7 million. In addition, at completion RevStream had debt and debt-like items of £2.5 million which...