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LDC & Vertex helps 1st Exchange acquire N4Solutions

Funding for the acquisition of N4Solutions was provided by Lloyds TSB Development Capital (LDC) and Vertex.

LDC last year bought a controlling stake in 1st Exchange from Vertex. The company is part of LDC’s over 70-strong £2 billion portfolio of businesses. LDC continues to back strong management teams through the cycle in the UK mid-market. Technology support services are a key area of focus for its London team which also specialises in Business and Support Services and Outsourcing.

David Child, Managing Director at 1st Exchange, said: “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 RDR 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.”

Gary Muchmore, Managing Director of N4, who will be joining 1st Exchange as a sales director, commented: “N4 is industry leading in the provision of a complete platform for joining up the distribution of all financial services products. The combination of knowledge, skills and experience in the combined point of sale development teams at N4 and 1st Exchange creates an unequalled on and offline capability in the marketplace. We look forward to integrating our solutions with 1st Exchange’s existing product offering to bring a dynamic end to end multi-distribution platform proposition to market.”

Daniel Sasaki, Director, London, LDC said: “When we took a controlling stake in 1st 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 Exchange, which fits squarely within our strategy to support high quality businesses in the Telecomms, Media, Technology (TMT) sector and in the business services sector area generally.”

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