1st-The Exchange acquires N4 Solutions
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1st-The Exchange has acquired financial services software firm N4 Solutions for an undisclosed sum.
1st-The Exchange says the acquisition represents a significant extension to the online services that it offers.
Clients of N4, which provides distribution and origination software for the financial services industry, include Nationwide Building Society, Aviva and Barclays Bank.
The company offers a range of products including financial planning point of sale, mortgage point of sale, and mortgage sales and origination.
The deal was funded by Lloyds TSB Development Capital and Vertex, following Lloyds TSB Development Capital buying a controlling stake in 1st-The Exchange last year. 1st-The Exchange is part of Lloyds TSB Development Capital’s £2bn portfolio of businesses.
As part of the acquisition managing director of N4 Gary Muchmore will be joining 1st-The Exchange as sales director.
Manging director of 1st-The Exchange David Child says: “Not only does this acquisition broaden our services into the mortgage distribution space, but we are now able to further develop our enterprise offering in response to the changing market and client demand.
“Distributors cannot ignore the effect of the retail distribution review on their business models and this acquisition enables us to offer our clients a holistic platform for the multi-channel distribution of financial products.
“We are seeing more and more client demand for these types of solutions as companies such as banks and life assurers look at different models to grow distribution to the mass market.”
Lloyds TSB Development Capital London director Daniel Sasaki says: “When we took a controlling stake in 1st-The Exchange last year we recognised that it is a great business with a strong management team and dynamic potential. This latest acquisition illustrates those characteristics and gives the company a much stronger offering and compelling market position in the enterprise space.
“We are very satisfied with our investment in 1st-The Exchange, which fits squarely within our strategy to support high quality businesses in the telecoms, media, technology sector and in the business services sector area generally.”
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