Goldenhill advises Microgen plc
in sale of its SaaS Billing Services Division
4th corporate divestiture completed by Goldenhill this year

LONDON - November 30, 2009 - Goldenhill Technology Advisors today announced that it acted as M&A advisor to Microgen plc ("Microgen" or "Group") in the sale of its Billing Services Division ("BSD") to Swiss Post Solutions Ltd ("SPS Ltd").

The consideration for the transaction was £7.5M, payable in cash on the basis of a stated level of net current assets of BSD on the date of Completion. BSD reported a revenue of £2.9 million in the six month period ended 30 June 2009 (30 June 2008: £3.3 million) and an operating profit before Group overheads of £0.74 million (30 June 2008: £1.0 million).

The UK-based business acquired from Microgen by SPS Ltd provides managed services to process, store and distribute billing and related documentation via electronic and print media. Microgen has progressively migrated BSD from its original print based delivery to electronic distribution and enhanced the service offering through the development of related value added services. During the financial year to 31 December 2008, 44 per cent of all document output was distributed electronically.

Whilst BSD has remained profitable with good operating margins, Microgen recognised that the current business would benefit from greater scale for its long term success. Furthermore, BSD had a different operating model and customer base to the other parts of the Group with minimal synergies between BSD and the Group's other business activities. Microgen determined that for BSD to be successful in the long term, the business would benefit from greater scale. Having considered the options for BSD, particularly in light of the opportunities across the Group, the Board concluded that a disposal of BSD would be the most appropriate course of action to maximise shareholder value, and engaged Goldenhill to assist them in that process.

Goldenhill has now completed four corporate divestitures in 2009 of which two were SaaS focused businesses thus further demonstrating Goldenhill's expertise and capabilities in executing such transactions, especially internationally.

About Goldenhill Technology Advisors

Goldenhill Technology Advisors represent and advise our technology business Clients in merger and acquisition (M&A) engagements. Our engagements include providing services to Sellers or Buyers in M&A projects in the USA, Canada, UK and Continental Europe with specific focus in software and service businesses. We are an international business with offices in California and London. Please contact us at http://www.gtallp.com.


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