Marlborourgh Stirling, the leading provider of software and services to the mortgage, life and pensions industry, has floated on the London Stock Exchange.

The entire allocation of 47million shares has been allocated to institutions and employees.

The offer price has been set at 140p per ordinary share, raising £248.5million to fund the company's expansion programme.

Last month the company, which has offices in West Street, Brighton, where it employs 50 people, announced it was expanding its worldwide workforce by up to 100.

Corporate affairs director David Edwards said the company's plans were good news for the Brighton operation and could lead to further local recruitment.

Proceeds from the global offer will enable Marlborough Stirling to accelerate the development of its products and geographic expansion and to take advantage of potential acquisition opportunities.

Flotation is also expected to strengthen Marlborough Stirling's position in competing for significant contracts with potential clients.

Chairman Huw Evans said: "Whilst the offer price is below the original proposed price range, we have been backed by a wide group of high quality institutional investors, and we are pleased to have achieved this despite difficult stock market conditions.

"This marks an important stage in the development of the business and will enable Marlborough Stirling to expand in Europe with a higher profile as a public company.

"In addition, we will be able to accelerate the development of our products and services to ensure that we continue to deliver significant benefits to our clients.

"I would like to take this opportunity to welcome the institutional investors who join our employees and other investors as stakeholders in the future of the business."

Investment company 3i Group has been a major shareholder since 1996.

The company used UBS Warburg as financial adviser, global co-ordinator and bookrunner to the Global Offer. HSBC Investment Bank is acting as co-lead manager.

Dealing in the new shares opens on the stock exchange today.