Financial Services Provider – M&A

Sector:

Finance

Service:

Mergers & Acquisitions

Company Scale:

FTSE 30

Client Challenges

This FTSE30 financial services company took a decision to divest a large part of their business. This divestment, if successful, would impact 5 million customers and £30 billion of assets. The IT environment supporting this client business was highly disparate with a legacy of applications dating back 50 years.

In order to achieve the divestment, the client needed to develop the IT Separation Strategy, along with along with Data Room and other sale artefacts necessary to support the sale.

What did Aveas do?

Aveas were engaged to bring their experience of Mergers & Acquisitions to help prepare for a potential sale and separation. Our in-depth knowledge of Data Analysis & Migration, IT System Due Diligence and Technology Strategy was vital and Aveas were asked to own the IT Workstream for the client and take full accountability for the following activities.

  • Discovery and mapping of the application estate supporting the scope of sale
  • Data Analysis to identify the policies in scope for sale
  • Development of the Business and IT Separation Strategy
  • Development of detailed data dictionaries for all policy and supporting data
  • Production of the initial Migration Plan
  • Support for the development of the Business Transfer Agreement
  • Collation and development of the IT Data Room
  • Development of the IT aspects of the bidder Information presentation
  • Engagement with the bidders for IT Q&A

What were the outcomes?

With Aveas’ support in preparation of all of the IT requirements (the separation strategy, the discovery documents etc), we helped the client through to an initial ‘sale in principle’. At this stage,  Aveas were subsequently asked to take the client through the due diligence and negotiation process and a sale was agreed within 3 months from taking the business to market. Aveas were furthermore selected to be the Integration Partner for the delivery of the IT Migration and Separation.