Avelo sold to IRESS for £210m

IRESS said the acquisition, which is subject to regulatory approval from the Financial Conduct Authority, marks its strategy of further developing and consolidating its foothold in the UK after entering the market in November 2011. The acquisition will see IRESS take 100% ownership of Avelo from a consortia of private investors led by Lloyds Development Capital (LDC). LDC first took a controlling stake in Avelo - then named 1st-The Exchange - in 2009 and supported the business through the subsequent acquisitions of N4 solutions and most recently, mortgage specialist TrigoldCrystal. An...