SFS all set to acquire financial services firm

Siemens negotiates with financial services firm Broadcastle

Siemens Financial Services (SFS) is on the brink of completing a £41.5m acquisition of financial services firm Broadcastle.

SFS told CRN the deal is still subject to a number of financial checks, but is expected to close by mid-August.

Kirstine Wilson, director of SFS, said: “We have had a close business relationship with Broadcastle for some time. Its skills and market closeness are an additional benefit and will help us to create a wider range of financial services,” she said.

Broadcastle provide financial services to a number of verticals, including IT equipment, and SFS said the acquisition would also be an opportunity to expand its operations into areas such as medical equipment financing.

David Cust, chief executive of Broadcastle, said: “We believe the business of Siemens Financial Services in the UK and Broadcastle are an excellent commercial fit and that both benefit from the combination.”

Wilson reassured the UK IT channel that the acquisition would be positive. “Broadcastle extends into the SME sector and it’s one of its strengths. This acquisition is complementary to the UK IT channel, and the message is that it’s still business as usual,” she added.

Earlier this year, the firm said the IT channel had been neglected by leasing and financing companies (CRN 7 February), and later followed this with an announcement that it was launching its first IT finance option to include software costs (CRN 6 June).