14th Mar 2006 07:00
VERTEX WINS ‚£45 MILLION OUTSOURCING CONTRACT TO SUPPORT DEUTSCHE BANK'S ENTRY INTO THE UK MORTGAGE MARKET Vertex, the business process outsourcing (BPO) arm of United Utilities PLC, hassecured a contract with Deutsche Bank, via its Vertex Financial Servicessubsidiary, to provide outsourced mortgage services to the new specialistlender db mortgages. This deal is Vertex's largest mortgage outsourcingcontract to date and is worth at least ‚£45 million over the next five years.The contract supports Deutsche Bank's entry into the UK intermediary mortgagemarket and builds on Vertex's presence in the mortgage outsourced servicessector.When Vertex acquired Marlborough Stirling in 2005, the intention was to createa leading financial services outsourcing provider in the UK market. Thisposition was further enhanced through the recently agreed acquisition of 1stSoftware Group Limited and this contract win provides clear evidence of Vertexsuccessfully executing its financial services growth strategy and capitalisingon the significant BPO opportunities that the mortgages and life and pensionsmarkets offer.Vertex will deliver a full end-to-end outsourcing solution providingapplication processing and mortgage servicing for db mortgages. This solutionwill utilise Vertex's Omiga and Optimus software and leverage its outsourcingcapabilities in the mortgage services sector.Chief Executive of United Utilities, John Roberts, said:"This contract with Deutsche Bank, which is our largest mortgage outsourcingdeal to date, demonstrates Vertex's capability to exploit the substantialoutsourcing opportunities in the financial services market."United Utilities' Contacts:For further information please contact:John Roberts, Chief Executive +44 (0) 1925 237000Simon Batey, Finance Director +44 (0) 1925 237000Darren Jameson, Investor Relations Manager +44 (0) 1925 237033Evelyn Brodie, Corporate and Financial Communications +44 (0) 20 7307 0309NotesVertex is a leading international provider of business process outsourcing andtechnology services and is one of the UK's major customer management servicesuppliers. The company develops and implements a range of outsourcing solutionsfor many leading organisations based on a diversified portfolio of long-termcontracts across private enterprise, financial services, utility, central andlocal government sectors.It has nearly 10,000 employees in 70 locations across 8 countries.Its clients include Alliance & Leicester, Bank of Scotland, CIBC, Egg,Lastminute.com, Legal & General, Lloyds TSB, Marks and Spencer, NationwideBuilding Society, Royal London, Sun Life Financial of Canada (UK), Tesco,Thurrock Unitary Council, UPS, Westminster City Council,Vertex Financial Services, a subsidiary of Vertex, was formed last year afterthe acquisition of Marlborough Stirling. It brought together the existingexpertise of Vertex in business process transformation and MarlboroughStirling's knowledge and expertise in the financial services sector. It is aleading provider of outsourced services and technology solutions to the lifeand pensions, mortgages, and investment industries. It is transforming the wayfinancial services are bought and sold, extending access to customers andcreating new and dynamic electronic marketplaces where product providers,distributors and intermediaries can transact direct, at high speed,electronically via their chosen channels.Vertex Financial Services has mortgage operations in both the UK and Canada.Its mortgage solutions are based upon two main software products: Omiga, fromwhich 17 per cent of all new mortgage applications in the UK are processed andOptimus, which is used in the management of mortgage business from the releaseof funds through to redemption. Optimus also services 35 per cent of allCanadian mortgages.The intermediary mortgage market is a specific business channel for mortgagelenders. The lender, rather than receiving business direct from the endconsumer, or borrower, receives mortgage applications via a third party,typically a mortgage advisor or independent financial advisor.ENDUNITED UTILITIES PLCRelated Shares:
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