Jesmond solicitors advise on software firm management buyout
A newly formed software company has purchased three business divisions from banking software firm, Tenemos, as part of an MBO, advised by Mincoffs Solicitors.
Genisys Technology Solutions Limited, set up by managing director Gary Sawyer, has purchased the FGG businesses comprising of three separate software divisions (Genisys Technology Document Management, Fairs IFA Management and GVAS property management) from Temenos.
The company originally acquired them as part of the purchase of UK-based Financial Objects in 2008.
Gary Sawyer, who has been with the divisions since 1994, said: “This is a huge opportunity for the management team to now drive this business forward.
“Becoming independent gives us new focus and allows us the flexibility we need to ensure our software products and services show continuous improvement.
“We received superb service and excellent advice from Chris Hughes and Mincoffs and the new company is already off to a firm start with a very strong and supportive client base.”
Genisys Technology Solutions will relocate to new offices in Team Valley in March.
Chris Hughes, associate solicitor in Mincoffs Solicitors’ corporate team, added: “We were delighted to advise Gary and the management team on the MBO. Gary has over 20 years’ service with the businesses and has a clear vision for their future.
“It is great to see that the company is off to a good start with a healthy renewable income stream and a strong capital reserve and we are thrilled that all staff were able to be transferred and retained and that they are all supportive of the MBO.”