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Thursday 11 January 2018

Vermeg swoops in for Lombard Risk Management

logoVacillating performance has been an issue for Lombard Risk Management. While it delivered a record year in the 12 months to April 2017 with revenue up 45% and losses reduced, performance in the first half of the current year was disappointing. Indeed it was the third time the company had a disappointing period under its current management team (October 2013March 2015). This type of performance profile buzzes the antenna of potential buyers and that seems to have been the case because financial software and services supplier Vermeg Group has appeared with a £52.1m cash offer that the Lombard board describes as “fair and reasonable”.

logoVermeg is a new name to us but has been in business since 1993 with headquarters in Amsterdam and c.150 clients across 20 countries, providing software for pensions and insurance, wealth and asset management, financial markets and securities services, and digital financial services. Currently in expansion mode, it is looking to Lombard to help grow the business via Lombard’s collateral management and regulatory reporting capability, and says that there is little product or geographic overlap. If the proposed acquistion goes ahead, the Lombard team will move to Vermeg and are seen as key to the success of the transaction. As a new name (we believe) in the UK financial services market, Vermeg will come under scrutiny from current providers and enterprises alike.

Posted by Angela Eager at '09:49' - Tagged: acquisition   software   financialservices  

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