1St Exchange buys N4 to expand mortgage capability
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1st Exchange has acquired N4 Solutions, expanding the technology solutions provider’s reach in the mortgage market.
The acquisition will significantly expand 1st Exchange’s expertise in the area of financial planning as well as in the mortgage sales and origination process.
N4 is a provider of distribution and origination software for the financial services industry. Its clients include some of the biggest names in the business such as Nationwide Building Society, Aviva and Barclays.
Funding for the acquisition was provided by Lloyds TSB Development Capital and Vertex. The former bought a controlling stake in 1st Exchange last year.
David Child, managing director of 1st Exchange, says: “Not only does this acquisition broaden our services in the mortgage distribution space, but we are now better placed to develop our offering in response to changes in the market and in client demand.
“Distributors cannot ignore the effect of the Retail Distribution Review on their business models and this acquisition allows us to offer clients a holistic platform for the multi-channel distribution of financial products.”
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