Market leading global software group expands its Financial Management Division
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”.