Business
Proposed sale of Microgen Financial Systems
Proposed sale of Microgen Financial Systems.
About this update from Aptitude Software Group Plc
[{"type":"text","content":"\n \nRNS Number : 5402A Aptitude Software Group PLC 30 May 2019 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO, OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION.\n \nThis announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (the \"Market Abuse Regulation\").\n \n30 May 2019\nAptitude Software Group plc\n(\"Aptitude\", the \"Group\" or the \"Company\")\n \nProposed sale of Microgen Financial Systems Limited\nfor cash consideration of £51.0 million\n \n \nAptitude Software Group plc (LSE: APTD), a leading provider of business-critical software and services, today announces that it has entered into an agreement to sell the entire issued share capital of its wholly-owned subsidiary, Microgen Financial Systems Limited (\"MFS\"), to Moscow Bidco Limited, a newly incorporated private limited company controlled by funds advised by Silverfleet Capital Partners LLP (\"Silverfleet\"), for an aggregate cash consideration of £51.0 million (the \"Disposal\").\n \nThe Disposal is conditional only upon the approval of Aptitude's shareholders at a general meeting.\n \n \nHighlights\n \n· The Disposal is a major milestone in the Group's long term strategy of creating two independent software businesses which benefit from recurring revenues, and represents the start of a new era which sees the Aptitude Software business become the total focus of the Group.\n \n· On 25 March 2019, Aptitude announced that it had concluded that a demerger of MFS on to AIM would enhance the Group's ability to allocate capital and management attention on the higher growth Aptitude business, whilst also providing MFS with the ownership environment for it to successfully pursue its own independent growth strategy focusing on its specialist target market and servicing its international customer base. The Aptitude Board considers that the benefits to Aptitude of a demerger also apply to Aptitude in the case of the Disposal.\n \n· Following the announcement on 25 March 2019, discussions have been held with Silverfleet in respect of the potential acquisition of MFS and ...