As part of a £115m transaction, LDC has invested £42m to purchase a controlling stake in the company, from Vertex, the UK’s second largest provider of outsourced business services and technology solutions.
Vertex will still retain a significant share in the business.
1st – The Exchange provides an integrated suite of technology solutions, software and consultancy to the financial services industry throughout the UK. Based in Cheltenham, Warwick and Woking it supports the key stages of a distributor’s business process, whatever its size and enables users to service their clients more efficiently and profitably, whilst meeting regulatory demands, reducing costs and maximising profits.
David Child, Managing Director 1st – The Exchange was reported as saying: “We are delighted that LDC has recognised the potential we have to maintain and grow our market leading position. Together with Vertex, we now have an incredibly strong investment foundation to support and accelerate our future plans”.