Iress sells UK mortgage software business to Bain Capital
Summary
Bain Capital Tech Opportunities has agreed to buy Iress’ UK mortgage software and originations (MSO) business and acquire a majority stake in home loan platform finova for an undisclosed sum. Cheltenham-based finova’s platform manages mortgage pricing, underwriting, application processing and loan servicing. The business is aimed at brokers, specialist and equity release lenders, as well as savings institutions. Customers will also benefit from a broader software suite that supports a wider range of financial products.” Managing director of Bain Capital Tech Opportunities in London, James Stevens, added: “The combined scale of these two businesses will allow us to offer more competitive and innovative products in a dynamic market, ultimately bringing more choice to consumers across the country.” MSO chief executive Andrew Simon said: “Bain Capital is fully committed to investing in MSO to ensure our customers continue to benefit from software that is among the best in the market. “Through the combined business, we’re looking forward to bringing a broader set of innovative products to market.” Finova executive chairman Paraag Davé said: “Bain Capital’s investment in each business will strengthen and invest in the capabilities of both platforms and help deliver increased value to our customers.” Davé adds that the move will “blend finova’s SaaS expertise in complex solutions such as pricing, decisioning, specialist lending, savings and loan servicing with MSO’s leadership in residential mortgage originations”.
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