1st-The Exchange buys software firm
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1st-The Exchange has acquired financial services software firm N4 Solutions.
N4 provides distribution and origination software for the financial services industry and offers a range of products, including financial planning point of sale, mortgage point of sale and mortgage sales origination.
The deal was funded by Lloyds TSB Development Capital and Vertex and comes almost a year after Lloyds TSB Development Capital bought a majority stake in 1st-The Exchange in a £115m deal in August last year.
As part of the acquisition, N4 managing director Gary Muchmore will be joining 1st-The Exchange as sales director.
1st-The Exchange managing director David Child says: “Not only does this acquisition broa-den our services into the mortgage distribution sector 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 the multi-channel distribution of financial products.”
Lloyds TSB Development Capital London director Daniel Sas-aki 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 area.”
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