NI software firm Kainos buys two new companies; profits up by a third

  • Photo: (c) Kainos

    Belfast-based software firm Kainos has taken over two businesses in the UK and Germany.

    Kainos, which is one of Northern Ireland’s largest companies, bought Worcestershire-based Formulate and a branch of the German company Implexa.

    Kainos’ aim with the news deals is to further secure the UK and European markets for one of its umbrella companies Workday, which is a suite of enterprise solutions. One of these solutions is Adaptive Insights, a financial and business planning software product.

    The company has not disclosed the amount it has paid for the two businesses.

    Brendan Mooney, Kainos’ chief executive, said the teams at Formulate and Implexa would bring "unique expertise" to the wider business.

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    Formulate is a small English company which was founded in 2016. According to its website, it provides cloud based financial planning, budgeting and forecasting.

    It has 16 members of staff and more than 120 customers across Europe.

    Hamburg-headquartered Implexa is the only accredited Adaptive Insights partner in Germany.

    Kainos said the purchase would help expand its German business which already has an operation in Frankfurt.

    Overall the firm employs 1,550 people across 12 offices in Europe and North America.

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    It has a current stock market valuation of more than £600m, and its profits rose by more than a third in the first half of the financial year.

    Turnover was up 29% to £87m and adjusted pre-tax profit rose by 27% to £13m.

    Kainos said it was showing good progress in growing its non-UK business with international turnover up 86% to £18m.

    "The group's pipeline of prospects continues to strengthen and the board believes that the group is well-positioned for growth both in the short term and in the coming years," Mr Mooney continued.

     

    Sources: tech.eu, BBC News NI, Shares Magazine

    About the author

    Niamh is a Sync NI writer with a previous background of working in FinTech and financial crime. She has a special interest in sports and emerging technologies. To connect with Niamh, feel free to send her an email or connect on Twitter.

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