London: Standard Life has agreed to buy financial software company Focus Solutions Group for £42 million ($65.8 million), in a deal the UK insurer said would boost its customer services.
Standard Life said on Tuesday that it was offering 140 pence in cash for each Focus Solutions share, representing a premium of around 9.8% to Focus Solution’s closing share price of 127.50 pence on 6 December.
Focus Solutions handles software and consultancy work for financial services companies.
Its clients include independent financial advisers (IFAs), bancassurers, wealth managers and mortgage lenders, and Standard Life said that buying Focus would improve its range of products for customers and boost its retail bank business.
“This strengthens the overall position of the group as the UK market for our propositions and services develops further over the next two years,” Standard Life chief executive David Nish said in a statement.
Noble Grossart advised Standard Life on the deal, while Cavendish Corporate Finance and Capital SCF advised Focus.
Standard Life shares closed at 204.20 pence on Monday, giving the group a market capitalisation of around £4.7 billion.