London Bridge Software Holdings Plc, the UK credit management software house, is paying CheckFree Corp $21m for its mortgage products division. The deal, first announced in June (CI No 3,445), is to be financed by raising $12.3m from a placing of 575,0000 new shares with institutions. CheckFree announced plans earlier this year to sell seven of its software businesses to concentrate on electronic commerce processing and London Bridge bought the company’s Recovery Management System Division for $34.9m last year (CI No 3,195). London Bridge chairman Gordon Crawford said the latest purchase enlarged the company’s US customer base and provided opportunities for cross-selling.
