Ex-IT developer nets £80 million fortune

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Bid

A bid offer from America sent one of the UKs biggest software companies up by 50% in the first hour of trading. This is one of the shares in the NamesFacesPlaces 10 shares for the year.

I wish I also had it in the NamesFacesPlaces portfolio.

The UK company is London Bridge Software who sell software to banks.

The bid came from US company Fair Isaac.

The proprietor, Gordon Crawford, is an ex-IT developer who got a good idea for a software package.

The offer is for 95p a share. That makes the value of the company £166 million

This is a 54% premium over Friday‘s price.

The shares surged 31.5p to 93p.

This could send other UK software companies higher too.

Founded Business

Crawford, who founded London Bridge in 1987 and brought it to the market in 1997, owns 46% of the business and has given his irrevocable support to the offer.

London Bridge provides sophisticated mortgage and debt collection software for large financial institutions and last year made profits of £4million on turnover of £58 million. It has recently announced a contract to supply debt manager software for the UK Department of Works and Pensions.

Crawford will remain with the group for a year on a consultancy basis following the offer.

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