Standard Life Plc, Scotland’s biggest insurer, agreed to buy Focus Solutions Group Plc, a U.K. financial software maker, to boost expansion.
The Scottish insurer made a recommended cash offer of 140 pence a share, valuing Focus at about 42 million pounds ($66 million), Standard Life said in a statement on the Regulatory News Service today.
“Continued investment in innovative technology is central to the delivery of Standard Life’s accelerated growth strategy,” the insurer said in the statement. “This will enable the development of new and existing propositions, enhance the customer experience and drive greater efficiencies.”
Focus posted a profit of 898,000 pounds for the six months ended Sept. 30, more than double the same period a year earlier, the Leamington Spa, England-based company said in a separate Regulatory News Service statement today.
The shares rose 9.8 percent, trading at the offer price of 140 pence at the 4:30 p.m. close in London.