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Standard Life plc to acquire Focus Solutions Group plc

release date: 07/12/2010

December 7 2010 (Edinburgh) – The Board of Standard Life plc is pleased to announce that agreement has been reached on a cash offer by Standard Life plc to acquire the entire issued and to be issued share capital of Focus Solutions Group plc (“Focus Solutions”).

  • Focus Solutions has agreed to an offer of 140p 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 capitalise on the significant opportunities arising within its key markets.
  • Standard Life’s continued focus is the delivery of a market leading set of solutions and services for intermediaries and other distribution channels. The Standard Life Directors believe the acquisition of Focus Solutions will enhance and accelerate Standard Life Group’s delivery of these solutions and services, supporting a high quality customer experience, compliant business processes and efficient straight through processing. The combination of Focus Solutions' technology solution with Standard Life's Wrap platform and the threesixty 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
  • 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.
  • The directors of Standard Life support the development of Focus Solutions’ existing strategic roadmap and continued investment in their highly rated technology platform.
  • There is no immediate change to the Focus Solutions brand following the acquisition.  Focus Solutions will continue to offer its proposition and services under its own brand as well as supporting the development and delivery of our full service Wrap solution.
  • Focus Solutions’ Directors unanimously recommend the offer.

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 our previous acquisitions of Vebnet and threesixty, the acquisition of Focus Solutions therefore provides further capability in providing support, technology, and innovation to our core markets and customers.

“Combining our award-winning Wrap platform, the threesixty proposition and Focus Solutions’ technology, enables us to offer a market-leading customer experience, built on a full set of supporting processes and technologies to distributors, alongside our traditional product and investment offerings.  This strengthens the overall position of the Group as the UK market for our propositions and services develops further over the next two years leading up to RDR and beyond. These solutions will also help to grow our Retail Bank and direct-to-customer distribution."

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 our market leading software and to drive further investment in our highly rated platform, enhancing our leading position in the industry.  While we will continue to deliver best-in-class solutions to our target market, going forward our customers, employees and our business will have the benefit of the support and reach that being part of the Standard Life Group will bring.”

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