Genisys Technology Ltd is one of the UK's foremost providers of total document management and business process management software with over 200 clients. The acquisition enhances the WMS group's existing portfolio of document management products and further strengthens its position within the marketplace.
Genisys had net assets of Â£63,872 as at 30 June 2004. In the financial year ended 30 June 2004, Genisys had a turnover of Â£401,756 and a profit before tax of Â£27,349.
Application has been made for the 649,351 WMS shares to be admitted to trading on AIM and it is expected that admission to trading will become effective on 19 November 2004.
Paul Newton, commenting on the transaction said:
"Electronic document management and business process management is one of the fastest growing areas of business related technology with increasing demand from almost every sector. Every business that has to deal with large volumes of documentation can benefit significantly from this software.
WMS now has a comprehensive portfolio of products to offer the wider marketplace, having also recently launched a new version of our own Document Management Software - LISAÂ® Concerto, a groundbreaking set of .NET document management tools encapsulated in a single application.
The Genisys acquisition provides us with a cost effective and highly functional solution suitable for many essential business applications across a range of sectors while LISAÂ® Concerto enables us to satisfy middle to larger range requirements - again across multiple sectors. We have already installed LISAÂ® Concerto in two leading banks within the UK and are currently talking to several other organisations about this product."