London Bridge Software Holdings Plc, the small UK credit management software house which went to the market back in March to fund US and Far East expansion (CI No 3,120), has made its first acquisition. It is to pay $34.95m for the Recovery Management Systems division of CheckFree Corp, a 30-staff unit based in Atlanta, Georgia. A total of $33.45m will be paid in cash on completion and a further $1.5m is dependent on license sales up until June 1998. The division supplies debt recovery software to credit risk management markets, mostly in the US. London Bridge proposed a $27.5m, four for 17 rights issue to fund the deal, which is underwritten by Guinness Mahon & Co Ltd.
