SOFTWARE developer Cronus Consultancy has sold its trust administration system to a UK company specialising in wealth management solutions. With offices in Guernsey and Jersey, it developed the Oscar system between 2003 and 2005 as an off-the-shelf trust administration application.

On the back of Oscar’s success, the business has grown to become a specialist in bespoke software development.

And the sale of the software will allow it to focus on creating bespoke solutions for its client base in financial institutions, local government and utility companies.

The purchaser was Microgen, a global provider of software, services and solutions, which has a local office employing 25 staff. It works in key markets including banking, asset and wealth management, commercial, public sector and utilities and billing and database management.

Cronus sales and marketing director Mike Whitfield said he was delighted such a major player had selected Oscar to sell to its worldwide client base and to be its system of choice for the future.

‘We believe that partnering with Microgen will result in numerous opportunities and new markets being made available and will enable us to focus on our bespoke delivery of software solutions.’

Tom Crawford, managing director of asset and wealth management at Microgen, said it would be an exceptional addition to its product range.

‘Having watched the progress of Oscar from afar, we consider it to be of a very high standard. This will ensure we maintain our position at the forefront of our market.’

Oscar was built on Microsoft technology. It is a flexible solution that helps businesses comply with the most rigorous of regulatory requirements.

It is the first trust system to be developed using Microsoft’s flagship .NET technology and has been certified by the software giant.

Cronus was founded in 1999 by managing director Christos Valerkou. It is now the Channel Islands’ largest independent software development company, with more than 20 staff.

In 2003 it was the first Channel Island company to achieve Microsoft Gold Partner status and now holds six of its accreditations.