OnExchange, the US clearing and trade-processing software developer backed by a consortium of US private equity firms, is considering a bid for Rolfe & Nolan two days after Hg Capital made an offer.

OnExchange said in a statement to the stock exchange it is carrying out due diligence on Rolfe & Nolan, a provider of back-office software to futures and options traders. It will have to beat the 100p all-cash offer made by Hg Capital, which values the company at £15m (€23m).