Software supplier SSP has been refinanced in a deal valuing the company at more than £40m.

SSP chief executive David Rasche said the deal with Lloyds Development Capital (LDC), the private equity arm of the Lloyds TSB Group, would allow SSP to target
up to £30m worth of acquisitions.

The deal will see LDC take 30% of SSP's equity, buying out shareholdings from the management and staff who bought the company off CSC more than three years ago.

The deal has created a new holding company, SSP Holdings.

It is understood that earlier in the year SSP looked at floating on AIM, before entering into negotiations with half a dozen venture capital providers.

Rasche said that after the hard work of the past few months refinancing the company, he would not pursue acquisitions for a few months.

It is understood that the New Year could see Rasche looking at rivals and expanding into parallel markets such as mortgage broking.

SSP has over 2,400 installed sites in the UK and 220 staff, most of whom benefited from cashing in stock options during the refinancing.