The combined businesses of 1st Exchange, N4 and Screen Business are to rebrand as Avelo from April 4.
1st Exchange acquired Screen Business, which supplies websites and internet applications, in February and bought software provider N4 Solutions last June.
In August 2009, Lloyds TSB Development Capital bought a majority stake in 1st Exch-ange in a £115m deal.
Former 1st Exchange and N4 managing director Chris Noblet has been appointed Avelo managing director. He says: “Our industry is going through a period of reinvention spurred by consumer demand for greater transparency and value together with more cost-effective products, regulation to address this and the digital revolution, which is changing the way we behave and access finan- cial products.”
Yellowtail Financial Planning Dennis Hall says: “We are going to see more and more of this kind of consolidation. If it leads to greater cost saving, then it will be a good thing.
“The software sector’s offering to the financial services industry is fragmented and many software firms do not have enough money to develop real sustainability.”