Feeds

Gresham acquires Online Financial Services

Shares rise

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

Gresham Computing has snapped up Canadian IT banking specialist Online Financial Services for Can$1.5 million boosting its banking and financial customer base, while adding to its growing list of global subsidiaries. The acquisition was greeted favourably by the City where Gresham's share price jumped 4p this morning. The deal for Online Financial Services includes 281,664 new ordinary shares worth 5p in Gresham to be issued immediately with an additional 281,664 shares to be issued September 99. There could be further issues towards the end of 1999 depending on performance of the Canadian subsidiary. Online results for the year end to February 98 saw a pre-tax profit of Can$181,000 on sales of Can$847,000. Gresham managing director Trevor Read said the acquisition strengthened the company's existing operations in the banking and financial sector and in the North American market as a whole. Gresham, which reported pre-tax earnings of £1.17m for the six months to April 98 on sales of £8.52m, has got a good product for a good price, financial analyst Richard Holway said. "About a year ago, Gresham really needed shaking up," he said. "The new management team head by Read came in and they've done a good job and the share price has been one of the best performers this year. The purchase of Online looks a good one. It's a good price and much of it is performance related anyway. It gives Gresham a good product in a big potential e-commerce market." Online Financial Services is Gresham's third acquisition in a year, following that of London financial house CirCa Business Systems, Paris-based back-up software firm Newlog and Texas-based enterprise storage specialist Open Microsystems. ® For more stories click here

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.