Capita buys Vertex Mortgage Services for £35m

30th Jun 2015 11:00

Capita announced that it is acquiring Vertex Mortgage Services for £35m on a cash-free, debt-free basis, subject to approval by the Financial Conduct Auhority.The company said the acquisition further strengthens its growing position within the third party mortgage administration market.Capita already has a strong working relationship with Vertex MS that specialises in providing mortgage processing and administration software solutions to major retailers and high street banks.In the financial year ending 31 March 2015, Vertex had an annual turnover of £22.9m with pro forma earnings before interest and amortisation of £1.3m.The company is forecasting pro forma EBITA of £2.7m on turnover of £33.1m in its current financial year to 31 March 2016.Capita's chief executive Andy Parker said: "The acquisition will allow us to deliver real value for mortgage providers, respond to the needs of existing providers and new entrants, and enhance our ability to service large-scale clients."In a separate statement, the company said that further to the announcement by the CBI on Monday, Carolyn Fairbairn, non-executive director of Capita, will be standing down from her position at Capita prior to taking up her new appointment as director general of the CBI.A further announcement will be made in due course on the transfer of her board committee appointments, including the chair of the Remuneration Committee.At 1106 BST, Capita shares were down 0.8% at 1,237p.