Computershare acquires HBOS employee plan admin business
26 October 2009 | 3963 views | 0
Computershare Limited (ASX:CPU) has today agreed terms for the acquisition of HBOS Employee Equity Solutions (HBOS EES) from Lloyds Banking Group with an expected completion date in December 2009, subject to regulatory approval. HBOS EES is a leading UK based employee share plans provider.
HBOS EES provides a full range of employee share plan administration solutions in more than 100 countries for over 400 clients, covering around 1 million employee shareholders. The acquisition will result in Computershare becoming the market leader in employee plans administration in the UK market.
Stuart Crosby, Computershare's President and CEO said: "The opportunity to acquire this business and integrate it with our existing plans business is an exciting one. Our ability to successfully integrate businesses using our proprietary software systems has been proven in the past and we are confident that our new clients will experience enhanced service."
The integration of HBOS EES with Computershare's business will be managed by Martyn Drake, Managing Director of the UK Employee Share Plan business, who commented: "Having been closely involved with the share plans industry for over eight years, I am delighted to have the opportunity to deliver Computershare's world leading technology solutions to the clients of HBOS EES, building a combined business of unrivalled quality."
Martyn will lead an integration team that will include existing senior staff from Computershare UK and HBOS EES, augmented by specialist Computershare staff drawn from around the globe.