Systems Union Group plc announces acquisition of Foundation Systems
Market leading global software group expands its Financial Management
Division
5th December 2003 - Systems Union Group plc (LSE: SUG), of Farnborough,
UK, today announced that it has acquired Foundation Systems Ltd., a leading
value added reseller of SunSystems business software solutions for approximately
GBP 2.5 million in cash. Foundation will operate as a separate subsidiary
of Systems Union Group plc alongside Systems Union Holdings Ltd (author
of SunSystems), Pegasus and REDTechnology.
Founded in 1982 Foundation Systems employs 50 staff and works with over 450 mid market organisations in the UK within both the private and public service sectors covering all aspects of business and commerce. For the year ended 31 December 2002, it generated revenues of GBP 7.3 million and profit before tax (PBT) of GBP 526,000 and had net assets at that date of GBP 445,000.
Paul Coleman, Chief Executive Officer of Systems Union, commented: "I am pleased to welcome Foundation Systems into the group and we expect it to make a positive contribution in 2004. The company has built an impressive customer base and a comprehensive portfolio of offerings based on SunSystems, together with other complementary products such as CRM and Procurement.”
Hugh Scantlebury, Managing Director of Foundation Systems added: "We are looking forward to playing an important role in Systems Union’s Finance Management Division”.
He concludes, "Our commitment to the latest web based technology, the strength of the SharpOWL product and the technical expertise and support of Foundation Systems has given us the business platform we require to move forward."
Enquiries:
Damian Traynor, Systems Union, Global Marketing Director
Tel: Mob: 07753 810607 Office: 01252 556213
Hilary Goodband, Systems Union, Corporate Communications Executive
Tel: Mob: 07879 427477 Office: 01252 556242
Notes to editors:
About Systems Union Systems Union Group plc is a leading, UK-based software company, quoted on the Alternative Investment Market (AIM) of the London Stock Exchange. By revenue, the group is already one of the top 25 software houses in Europe and the eighth largest in the UK. Its existing businesses comprise Systems Union Holdings Ltd (author of SunSystems), Pegasus Software Ltd and REDtechnology Services Ltd.
SunSystems is a world leader in financial and business management software solutions with 21 offices worldwide and 200 channel partners in 76 countries. The SunSystems product range is available in 30 languages with over 18,000 customer sites, and 250,000 customer seats in 194 countries. SunSystems’ customers include 45 of the world’s 50 largest corporations, 75 of the FTSE100 and one quarter of the Fortune 500.
Pegasus Software is a UK accounting and business software solutions provider for small and medium-sized businesses. The company has 30,000 customers and 250 value added resellers and its products include Opera, Operations and Capital Gold.
REDtechnology is a web development and hosting company based on Oxford. It has 300 customers, predominantly mid-sized UK-based organisations. Products include ConductIT for web content management, PromoteIT for email marketing and FileIT for document management.
