Manches represented Durlacher on establishing a separately funded vehicle to invest in the European applications service providers (ASP) market. The new venture, entitled App-X, has received £10m from private investors, which will eventually hold a 62.5 per cent stake in the vehicle. Durlacher has invested £600,000 in cash and a percentage of its minority stakes in two ASPs including ASP Global, giving it a 37.5 per cent shareholding. Company/commercial partner Christopher Owen acted on the deal. ASP Global was represented by Owen White.