News Article

Equiniti Acquires Belfast Based ICS Computing

12th May 2009

Equiniti, the UK's leading provider of shareholder and employee services, today announced that it has acquired Belfast-based software and services provider, ICS Computing in a deal that signals Equiniti's intention to develop its offer in the Business Process Outsourcing (BPO) and IT Services market. For ICS, which employs 300 people at its offices in Belfast, Newbury and Chennai, India the move best positions the company to offer a broader range of services within Ireland's public and private sectors. The acquisition of ICS is also expected to create excellent growth and expansion opportunities for the Belfast-based business, which recently celebrated its 40th anniversary.

Already strong in employee share plans, share registration and pensions administration, the deal will enable Equiniti to offer a wider range of services building on its track record of customer service excellence while simultaneously adding value to ICS's outstanding customer base.

William Dye, Chief Executive Officer of Equiniti, commented;

"This is a significant milestone for Equiniti as we grow our capability to become a Business Process Outsourcing provider. Through our existing business we are already experts at managing complex administrative tasks often at times of intense pressure and scrutiny. These skills, combined with the expertise of ICS - a company we have long-admired, will enable us to broaden our offering into HR & Payroll, Accounting & Distribution services and Public Sector Software and hence to provide more services and solutions to our customers.

"The acquisition is an obvious one for Equiniti. Individually each organisation is a leader in its field and has an unparalleled client base. ICS's capabilities in Belfast and its Indian based operations in Chennai will provide us with greater flexibility to provide bespoke customised solutions to our clients and complement our international footprint ambitions perfectly. Together, we can provide a more comprehensive offer to our customers and more effectively position our respective businesses for growth."

ICS recently won 'Deloitte's Best Managed Business' for its success in operations management, HR management, financial and growth potential. Commenting on the key benefits of the acquisition for the company, which has undergone significant growth over the past three years, ICS's Managing Director David Mawhinney said:

"With over 270 clients already supported by 300 expert staff, ICS has shown time and again our ability to deliver products and services that support the needs of our clients' businesses. The combination of our long established expertise in technology and Equiniti's strong administrative capabilities will undoubtedly allow us to grow more rapidly.

A real success story for Northern Ireland, this deal will enable ICS to take that success to the next level offering our skills and services further afield and delivering expansion for our business for the benefit of our employees and the Northern Ireland economy. It's a partnership that, we believe, will prove beneficial for both Equiniti and ICS."

Formerly part of Lloyds Registrars, Equiniti was formed following the purchase of the business by private equity group Advent International. With a new management team at the helm of the organisation and building on the company's 50 years' experience, it is both consolidating its expertise in the share registration and employee share plan markets - which includes almost 60% of the FTSE 100 - while diversifying into new areas that can build on its expertise and skill base.

William Dye continued:

"The leadership team at Equiniti consists of people grounded in the share registration service to which we have added others with extensive experience in the BPO market. We are confident we have the team in place for our next phase of development and growth and are upbeat about the future success of this business; a confidence that is underlined by our investment in Equiniti ICS in the current economic climate.

"We believe that Equiniti, coupled with its new management team, has the skills and expertise to create a new, major player in the BPO arena that will lead the field in our chosen markets delivering state of the art technology, product and service innovation and outstanding customer service."