Marlborough Stirling has offered some £87m for online financial services portal Exchange FS, subject...
Marlborough Stirling has offered some £87m for online financial services portal Exchange FS, subject to shareholder approval.
Dave Edwards, director of group marketing at Marlborough Stirling, said the deal is expected to go ahead after a three-week shareholder voting period.
Edwards believes the businesses are a complementary match and would not only expand Marlborough Stirling's coverage into life and pensions but will also save the group around £3m per year before tax through achieving efficiencies.
Present users of Exchange FS's intermediary portal will also benefit from the extra services that will be incorporated, Edwards added.
Marlborough Stirling believes it is cheaper and easier to buy in a life and pensions service than create its own due to the difficulties involved in plugging into other life office systems, Edwards said.
He anticipates few problems in connecting the two systems due to the proliferation of initiatives such as Microsoft.net, which enables inter-connectivity between different systems.
Branding is still being discussed, although, as Exchange FS has had several name changes in the past couple of years, it is likely to be dropped.
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