Lynx Group is to buy financial services company Bankhall and is in discussions with an unnamed party concerning the sale of its Lynx Automotive division.
Lynx will pay £90m for Bankhall, and up to a further £24m depending on performance. Gareth Richards, head of communications at Lynx, said Bankhall sells IT to independent financial advisors.
Bankhall is working with Lynx Financial to develop a portal for IFAs to compare and buy financial products. Lynx also reported a fall in profit for the six months ended 31 March of £2.3m before tax, and an slight increase in turnover to £111m. Lynx said that its computer services division, which includes the distributor Sphinx CST, was "severely affected by reduction on IT spending" over the millennium.
Mike Briercliffe, chairman at Sphinx CST, said that the IBM server business was "on its back" at the end of last year, but has picked up sharply in recent months. Briercliffe said: "A lot of our resellers have applications suitable they are interested in delivering as an ASP, but don't have the infrastructure."
Sphinx is in discussions with its partners IBM and Oracle to develop hosting for resellers.
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