Keith Eden, TLC Risk Solutions

We engaged Westchester to advise and assist us in a sale of our company, TLC Risk Solutions ("TLC"), as we determined that being part of a larger firm with international reach would give us an excellent opportunity to develop at a much faster rate than we could do alone. Given the speed at which the Basel II regulatory compliance market was moving, it was also imperative that we move fast in order to fully exploit the market opportunity.

In seeking financial advisers we were looking for a technology focused firm with M&A experience and credibility, including detailed knowledge and experience in the Financial Technology sector. Westchester scored high in all these areas and won the beauty parade. Westchester worked very closely with us through all stages of the sale from the identification of prospective purchasers through to assisting in the negotiations with the ultimate buyer, Temenos, which was always viewed as the most likely option. They delivered a wide range of potential suitors and organised excellent introductory meetings and handled follow-ups promptly and efficiently and the board of TLC were able to agree the disposal fully cognisant of the range of other options and price models in the market.

TLC is a UK-based risk management software product business focused on providing Basel II regulatory compliance to banking organisations worldwide, with a concentration on the management of Credit Risk. The TLC Risk Solutions strategy always predicated that the company or its prime asset 'barracuda' would be sold. Issues of sales skills and capacity, distribution and working capital were always there even though the product was complete and ready for market.

The fit with Temenos was right, the regulatory compliance sector is experiencing good times driven by requirements such as Basel II, and Temenos provides us with a broader platform from which to expand.

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