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Capita buys rival Vertex for £35m

Capita has bought rival third-party servicer Vertex Mortgage Services in a £35m deal.

Vertex employs 340 people and there are no plans to make staff redundant.

In the financial year ending 31 March, Vertex had an annual turnover of £22.9m with Ebita of £1.3m. Capita says it expects revenue to increase to £33.1m with Ebita of £2.7m this financial year.

Capita chief executive Andy Parker says: “As part of our strategy to support the financial services industry, Capita’s ambition is to become the mortgage processing partner of choice for existing mortgage providers and challenger banks.

“The acquisition of Vertex MS is another key step towards achieving this goal. This is a market facing continuous regulatory change and changing customer behaviours, and with Capita’s breadth of services and expertise we are well placed to help organisations with these challenges. This market therefore offers significant growth potential for Capita.”

Capita bought third-party servicer Crown Mortgage Management in May, with the deal being approved by the FCA the following month.

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