Microgen grew ongoing recurring revenue in both its Microgen Financial Systems and Aptitude Software businesses in 2017.
Microgen Financial Systems maintained its focus on the trust & fund administration (T&FA) market within the wealth management sector.
Revenues from T&FA represented over 60% of Microgen Financial Systems' revenue in 2017 (2016: 54%), with the T&FA ongoing recurring revenue now standing at £8.8 million, an increase of 28%. The increase in the T&FA ongoing recurring revenue base in 2017 was 16%, excluding the acquisition of Primacy.
Aptitude Software's ongoing recurring revenue base now stands at £19.3 million (2016: £12.6 million), an increase of 53%. The increase in the ongoing recurring revenue base in 2017 was 30%, excluding the acquisition of RevStream.