Vertex Data Science Limited LDC

On 24 August 2009, Canaccord Genuity's client, Vertex Data Science Limited, completed the sale of its subsidiary 1st-The Exchange to Lloyds Development Capital (LDC) and management for £115mlion. Under the terms of the agreement, Vertex will retain a significant minority stake in 1st-The Exchange.

Canaccord Genuity was engaged by Vertex to sell "1st-The Exchange" which consists of two parts, 1st Software, a leading provider of niche software solutions to financial services intermediaries (primarily IFAs) in the UK, and The Exchange, an online product quotation portal for the Life & Pensions and Insurance industry.

Canaccord Genuity helped negotiate a JV structure to enable Vertex to receive both significant cash proceeds and the opportunity to benefit from future upside achieved under the LDC business plan.

Canaccord Genuity's original mandate was subsequently extended to include the provision of debt advice to Vertex in relation to its consent negotiations with its own banking syndicate which consisted of a broad range of lenders including specialist funds.

Canaccord Genuity acted as sole financial advisor to Vertex Data Science.