1st Exchange acquires N4

1st Exchange has acquired software distributor N4 Solutions (N4) as the provider says the RDR is driving the need for more efficient technology.

The acquisition was funded by Vertex and Lloyds TSB Development Capital (LDC), which last year bought a controlling stake in 1st Exchange.

1st Exchange says the acquisition is a key component in its strategy to take a market leading position in the delivery of financial planning solutions for the investment, life and mortgage markets.

It adds the purchase will deliver a "significant extension" to its online services and expand its expertise across financial planning and the mortgage sales and origination process.

1st Exchange says regulatory requirements are driving developments in the technology sphere.

"Distributors cannot ignore the effect of the RDR on their business models and this acquisition enables us to offer our clients a holistic platform for the multi-channel distribution of financial products," says 1st Exchange MD David Child.

"We are seeing more and more client demand for these types of solutions as companies such as banks and life assurers look at different models to grow distribution to the mass market."

N4 MD Gary Muchmore, who joins 1st Exchange as a sales director, says: "We look forward to integrating our solutions with 1st Exchange's existing product offering to bring a dynamic end to end multi-distribution platform proposition to market."