Standard Life buys tech firm Focus Solutions for £42m

first_img Standard Life buys tech firm Focus Solutions for £42m Share Tags: NULL whatsapp Tuesday 7 December 2010 8:50 pm Show Comments ▼ SAVINGS and investments giant Standard Life yesterday agreed a £42m cash offer for software provider Focus Solutions, its third technology-focused acquisition in 18 months.The deal is equivalent to 140p per share, about a ten per cent premium on Monday’s closing price of 127.5p and relies on Standard Life acquiring 100 per cent of Focus’ shares from investors.Focus provides technology and consultancy services to financial institutions, including HSBC and Barclays, which allow customers to buy and maintain products on web-based platforms.Standard Life expects to use Focus’ platforms to improve customer service provision “incorporating point of sale, customer relationship management, tax wrapper and investment trading,” it said in a statement. Shore Capital analyst Eamonn Flanagan said the offer was an extension of Standard Life’s strategy to move its business model to technology-driven, capital-light products and services such as unit trusts and ISAs.It follows its takeovers of technology providers Vebnet and threesixty.Flanagan said Focus’s valuation was “not cheap,” but Standard Life had probably targeted it for strategic reasons.Noble Grossart advised Standard Life and Cavendish Corporate Finance and Capital SCF advised Focus. whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org KCS-content last_img read more