UK financial and IT business consultancy Simplex Consulting has been wholly-acquired by ONE Signature Financial Corporation, a Toronto-based financial services provider for an undisclosed sum.
Under the acqusition, six-year old Simplex will continue to operate with full independence of ONE Signature and will retain its existing management structure, all existing personnel and business activities.
Matthew Peacock, managing director of Simplex, states: "This acquisition was ideally suited to Simplex as it gives us complete independence to grow our existing business, as well as providing new resources to pursue key strategic opportunities which are currently available to us."
ONE Signature develops structured financial products for the Canadian retail marketplace and markets them through the non-bank owned IFA channel. The company has developed a series of financial products which it is launching from January 2004 and has future expansion plans for the UK and Europe. These include the creation of a number of trade-related finance products specific to the UK market.
In addition to its consulting business, Simplex is pursuing a Swift Service Bureau initiative in conjunction with Steria UK. The Bureau will provide outsourced connectivity to the interbank Swift network as well as a number of related financial services.
Says the company: "In line with Swift's own growth plans, the Bureau will be able to attract corporates to the network in the future, at which time ONE Signature will be looking to market its trade-related finance products."