Vertex Financial Services has bought 1st Software for £25m in cash, loan notes and debt in order to boost its ability to offer ecommerce and straight through processing in the areas of life and pensions, mortgages and investments.
The deal means Vertex is in a position to combine the client-facing front end with back office technology to create a powerful proposition in the market for IT services and solutions targeting financial intermediaries. This is made possible because the United Utilities subsidiary acquired Marlborough Stirling last year, in the process acquiring portal The Exchange, which it now says it will “integrate” with 1st Software. Vertex states the integration of the two businesses and their technologies “will offer providers and distributors significant administration savings and drive forward...
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