Standard Life plc to acquire entire share capital of Focus Solutions Group Plc

The Board of Standard Life plc Thursday announced it had signed an agreement for the acquisition of the entire issued and to be issued share capital of Focus Solutions. Under the terms of the deal, Focus Solutions has agreed to an offer of 140 pence per share for Focus Solutions.  This offer values the entire existing issued share capital of Focus Solutions at approximately £42 million.

Focus Solutions is a leading provider of software and consultancy solutions to the financial services industry, enabling its clients to automate the delivery of financial products and services to their customers across multiple distribution channels in a rapid and efficient manner.

This transaction is consistent with Standard Life’s announcement earlier this year to step up investment in its leading corporate and retail propositions, actively seeking to capitalize on the significant opportunities arising within its key markets.

The combination of Focus Solutions' technology solution with Standard Life's Wrap platform and the three-sixty market proposition will help to deliver an end-to-end solution incorporating point of sale, customer relationship management, tax wrapper and investment trading. These solutions will be highly relevant to Standard Life's core intermediary market as well as helping to grow its Retail Bank and D2C offerings, it further stated.

The boards of Standard Life and Focus Solutions believe that the acquisition of Focus Solutions by Standard Life will provide Focus Solutions’ customers and staff with the benefits of a strong and well-resourced owner, whilst retaining the innovation and flexibility that Focus Solutions’ customers have historically enjoyed.

Commenting on the acquisition, David Nish, CEO of Standard Life said Standard Life Group continues to focus on the delivery of market leading solutions and services for intermediaries and other distribution channels. Consistent with its previous acquisitions of Vebnet and threesixty, the acquisition of Focus Solutions therefore provides further capability in providing support, technology, and innovation to its core markets and customers, he said.

Commenting on behalf of the Focus Solutions Directors, Richard Stevenson, Chief Executive of Focus Solutions, said the acquisition by Standard Life represents a great opportunity for Focus Solutions both to accelerate the customer reach of its market leading software and to drive further investment in its highly rated platform, enhancing its leading position in the industry.

The company said Focus Solutions' existing technology strategy will be continued and the brand will be retained.

8 Dec 2010.