Close Brothers is pleased to announce the £43.4 million recommended cash and share acquisition of Sirius Financial Solutions PLC (“Sirius”) by SSP Holdings PLC.  Close Brothers acted as financial adviser to Sirius on the acquisition which is being effected by way of a scheme of arrangement.

Sirius develops and supplies insurance-specific application software for insurers, insurance brokers, traditional and e-commerce-based intermediaries, underwriters, specialist scheme administrators and IFAs. The Company also provides a range of professional services, consultancy and support to its customer base, which includes Royal Bank of Scotland, Zurich, QBE, AON and Towergate Partnership.

SSP is a leading provider of business critical IT systems and services to the UK general insurance industry. SSP’s software is installed in over 1,000 individual businesses in Europe with customers including Fortis, Admiral, Brit, HSBC Insurance Brokers and Norwich Union.

Commenting on the transaction Simon Willis, head of Close Brothers’ Technology Team, said:

“We are delighted to have been instrumental in bringing together these two leading insurance solutions providers.  The enlarged group now has the international scale and reach needed to exploit the many opportunities in this developing market."

For more information regarding the transaction, please contact Simon Willis or James Craven on +44 (0)20 7655 3100.