RBS completes acquisition of FreeAgent at £53m.

Royal Bank of Scotland through its wholly-owned undirectly subsidiary RBS BidCo completes acquisition of FreeAgent, a software accounting firm for £53m in an all-cash transaction. RBS intends to operate FreeAgent as an operationally independent member of the RBS Group, retaining its existing management team and maintaining its current Edinburgh location. RBS said it believes that the acquisition of FreeAgent is consistent with its strategy of developing innovative digital customer solutions. “RBS is pleased to have reached an agreement on a recommended acquisition of FreeAgent. Since the beginning of our partnership, we have been impressed by FreeAgent and its technology and are excited by the enhanced offering we will be able to provide to our customers. We believe that a technology-enabled solution for our business banking customers will make it easier for our customers to build their businesses safely and securely.” Ross McEwan, RBS CEO.