Moscow Bidco Ltd., a newly incorporated company controlled by funds managed by Silverfleet Capital Partners, agreed to acquire Microgen Financial Systems Ltd. for £51.0 million in cash.
Microgen is a subsidiary of Aptitude Software Group PLC, a business-critical software and services provider.
Aptitude expects net proceeds of approximately £48.4 million from the transaction, which is slated to close June 30, subject to shareholder approval.
Microgen COO Robert Browning, Finance Director Eileen Jackson and Chief Technology Officer Joe Sefton-Jenkins will remain with Microgen upon deal completion.
Investec Bank PLC served as sponsor, financial adviser and broker to Aptitude, with FTI Consulting as its financial public relations adviser.