The Microgen Financial Systems Ltd. division of London-based Microgen PLC sold its payments business to CJJ Investments Ltd., a wholly owned subsidiary of what Microgen described as a large U.S. tech firm, for £6.9 million in cash July 3.
Microgen said the noncore business generated £1.4 million in revenue and £1.0 million in operating profit in 2017. It added that the sale will allow Microgen Financial to focus on its core trust and fund administration business, which represented 67% of its total revenue in 2017.
The sale proceeds will support Microgen Financial's acquisition strategy within trust and fund administration and related sectors.
CJJ Investments is majority-owned by a unit of New Hampshire-based, Nasdaq-listed Bottomline Technologies (de) Inc., according to a November 2017 filing with Companies House, the U.K. registrar of companies.