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May 12, 2005 - Bill Pitkin,
Marlborough Stirling Canada
President and CEO, is pleased
to confirm that Vertex, the
UK’s
leading outsourced customer
management company and the
UK’s third largest
business process outsourcing
(BPO) provider, has completed
its acquisition of Marlborough
Stirling, the market leading
provider of software and
services to the financial
services sector. The acquisition
creates a company with the
skills, resources, technology
and experience to become
a major player in the fast
growing outsourcing market
within financial services.
Andy Hunt, newly appointed
Managing Director of Marlborough
Stirling, comments: “The
appetite for our services
among financial services
companies is growing rapidly,
fuelled by intensifying cost
pressures and competition.
The coming together of Vertex
and Marlborough Stirling
creates the only player able
to offer the broad combination
of technology, application
service provision and outsourcing
capability needed to effectively
manage large scale portfolio
administration and new business
acquisition within both the
mortgages and life and pensions
markets. Marlborough Stirling’s
technology and financial
services market experience,
coupled with Vertex’s
physical resources and track
record in winning and delivering
on large scale contracts,
will ensure our ability to
gain market share.”
In Canada, Marlborough
Stirling’s MorWEB,
Omiga and Optimus technology
platforms are recognized
as function rich, reliable
and cost effective, and are
currently in use among many
of Canada’s leading
mortgage providers.
“Marlborough Stirling
is leading the field in the
development of straight-through-processing
(STP); a new way of conducting
business within financial
services that allows entire
mortgage origination and
administration processes
to be conducted online,” explains
Bill Pitkin. “Marlborough
Stirling Canada’s outsourced
environment allows this capability
to bring substantive operational
efficiencies and cost savings,
as well as improving service
to customers.”
This strong technological
advantage is complemented
by Vertex’s BPO experience
and capability, along with
the financial stability assured
by its United Utilities parentage.
Vertex has more than 10,500
people engaged in outsourced
projects in more than 45
facilities across the UK,
Europe, North America and
India.
In North America, Vertex
currently operates a long
term customer services contract
for Canadian utility provider
Hydro One as well as owning
a receivables business -
First Revenue Assurance -
based in Denver.
Andy Hunt adds: “Financial
services providers are growing
in size and require an increasingly
complex combination of infrastructure,
technology and transformational
expertise. In Canada, Marlborough
Stirling has brought proven
efficiencies to its clients,
and we expect to further
expand our reach in this
market. Vertex has a proven
capability to manage multi-year
deals of up to £500
million. At the same time,
our heritage in customer
service, unusual among BPO
players currently operating
within financial services,
means we have a unique appreciation
of the need to balance operating
costs with service quality.
This is vital in an environment
where lenders are facing
reduced profit margins while
at the same time, customer
service expectations are
increasing in a more complex
and competitive market.”
Marlborough Stirling becomes
the Financial Services Division
of Vertex alongside Vertex’s
other three divisions in
the UK and North America.
Marlborough Stirling’s
Life and Pensions and Mortgages
business units are expected
to adopt the Vertex name
and brand over the medium
term. The Exchange will continue
to operate under its own
name. Marlborough Stirling
will continue to provide
software and technology services
to the financial services
industry, in addition to
the BPO services it will
forge within Vertex. Vertex
remains committed to sustained
investment to maintain the
company’s best-of-breed
technologies within The Exchange,
Life and Pensions and Mortgages
and to maintain and grow
its traditional client base.
About Vertex
Vertex
is an international business
process outsourcer with particular
expertise in customer management.
The company develops and
implements a range of outsourcing
solutions for many leading
organizations in the commercial,
financial services, utility
and public sectors. These
include transformational
outsourcing, combining Vertex’s
skills in consulting, technology
and outsourced service provision
to stimulate and facilitate
business change and flexibility.
Vertex has more than 10,500
employees in 45 locations across
the UK, Europe, North America
and India. For more information,
see www.vertex.co.uk
Media Enquiries
In the United States and
Canada:
Bill Pitkin, President and
Chief Executive Officer
Marlborough
Stirling Canada
(T) 416-620-2672
(M) 905-726-0102
(E) bill.pitkin@marlborough-stirling.com
In the United Kingdom:
Nigel Charlton, Vertex External
Affairs Manager
(T) ++0044
-161 493 2314
(M) ++0044 7733
018886
(E) Nigel.Charlton@vertex.co.uk
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