Northern Ireland

Kainos: NI software firm buys German and UK businesses

A sign that reads: Kainos
Image caption Kainos has a current stock market valuation of more than £600m

Belfast-based software firm Kainos has bought two businesses in the UK and Germany,

It has taken over Worcestershire-based Formulate and a division of the German company Implexa.

The deals improve the company's position in the provision of Adaptive Insights, a business planning software product.

The amount paid by Kainos - one of Northern Ireland's largest companies - has not been disclosed.

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

Formulate is a small business which was founded in 2016.

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

Implexa, based in Hamburg, 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.

Kainos employs 1,550 people across 12 offices in Europe and North America.

It has a current stock market valuation of more than £600m.

Strong results

The company also posted a strong set of results for the first half of the financial year.

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

The company 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 said.

Related Topics