Vertex Completes Transaction with Lloyds Development Capital
Portfolio Company News - September 08, 2009
GenNx360 Capital Partners announced today that its portfolio company Vertex has completed a transaction with Lloyds Development Capital (LDC), the private equity arm of Lloyds Banking Group, involving the sale of a controlling interest in 1st The Exchange, a subsidiary of Vertex. Vertex and 1st The Exchange will both benefit from this transaction as the new partnership with LDC and Lloyds Banking Group will accelerate the development of 1st The Exchange and its platforms. Vertex will gain from this increased growth as Vertex will continue to retain a significant ownership position in 1st The Exchange. Additionally, this transaction will enable Vertex to more effectively focus its efforts and capital towards integrating its technology and analytics services with high-value customer experience management for its utilities, public sector, retail and financial services clients.
The total value of this transaction was approximately $190 million and a portion of the proceeds from the transaction will be distributed to the investors of Vertex.
GenNx360, in partnership with Oak Hill Capital Partners and Knox Lawrence International, acquired Vertex from United Utilities PLC in March 2007 for approximately $405 million.
Vertex was founded in 1996 as a subsidiary of British utilities provider, United Utilities Plc. The company has grown to offer transformational outsourcing and information technology services capabilities to help clients build profitable, long-term relationships with their customers. Vertex currently employs 9,000 people in the UK, US, Canada and India serving clients in utilities, financial services, retail, telecommunications, travel and the public sector.