Vertex, the portfolio company of GenNx360 Capital Partners, has sold the controlling interest in its subsidiary, 1st – The Exchange to Lloyds Development Capital (LDC), the private equity arm of Lloyds Banking Group.
It has been reported that the total value of this transaction was approximately $190 million and a portion of the proceeds would be distributed to the investors of Vertex.
Reportedly, Vertex and 1st – The Exchange would both benefit from this transaction as the new partnership with LDC and Lloyds Banking Group is expected to accelerate the development of 1st – The Exchange and its platforms.
Vertex is expected to gain from this as it will continue to retain a significant ownership position in 1st – The Exchange. Additionally, this transaction will enable Vertex to focus its efforts and capital towards integrating its technology and analytics services with customer experience management for its utilities, public sector, retail and financial services clients.
