1st – The Exchange is one of the leading providers of technology and e-commerce solutions to the financial industry. The company develops software for financial planning, as well as client management and full back office administration to more than 16,000 adviser firms, and has approximately 27,000 registered users. Their vision is to ‘deliver remarkable solutions to their clients that shape the future of financial services.’ They believe that team-spirit, innovations and integrity, underpinned by passion, allows them to deliver the best solutions for their customers.
Clearwater International was able to advise the management team headed by managing director David Child, and included director’s Paul Yates and Kevin Budge. Clearwater International was appointed as advisors to the management team after Lloyds Development Capital (‘LDC’) and Vertex had agreed a £42m investment. While LDC purchased a controlling stake in the company Clearwater International was instrumental in improving the management team’s terms and equity stake, with Vertex retaining a significant share holding.