Yorkshire software firm acquired
LOAN administration software firm Pancredit has been acquired.
The Yeadon-based business, which supports banks, intermediaries and price comparison sites with intelligent loan administration and origination services, has been bought by West Sussex-headquartered Equiniti, a business services outsourcing provider.
The amount of the deal is confidential.
Panintelligence, the business intelligence software trading style of Pancredit, has been acquired in a separate deal by several senior existing shareholders from Pancredit and with financial investment from venture capitalist Shackleton Ventures. Hampshire-based Shackleton specialises in technology markets and has been an investor in Pancredit for many years until the recent acquisition.
In 2013 Pancredit announced record financial results for 2012 and strong projected revenues for 2013. During this period, Panintelligence said it continued to gain momentum in a range of markets where it had an existing presence, as well as breaking ground in new markets. New customer wins came across a range of sectors including automotive, education, financial services and service management, it said. These included document management software reseller Document Logistix and Super League rugby team, Leeds Rhinos.
Mike Cripps, managing director of Panintelligence, said: “The acquisition of Pancredit by Equiniti presented us with an exciting opportunity at Panintelligence that came at the right time for the business. We’ve seen business intelligence software continue to grow and become a necessary requirement in organisations for day to day internal purposes, as well as helping companies engage more closely with their customers. The amount of data being recorded on a daily basis in all companies, regardless of industry, is continuing to rise every year. Organisations need an effective way to manage and analyse their data which business intelligence provides.”
Pancredit will continue to work closely with Panintelligence and will offer business intelligence software to its customers.
Graham Donald, managing director at Pancredit, said: “I am delighted about the acquisition as Pancredit will gain the scale, support and stability of becoming an Equiniti group company, but at the same time retain our unique identity. I am also excited for my colleagues at Panintelligence and the opportunities this new chapter presents for the business. We will continue to work very closely with them to deliver business intelligence software into the financial market and I wish them all the best for the future.”
Guy Wakeley, CEO at Equiniti, said: “Equiniti’s acquisition of Pancredit reinforces our strategy to extend our range of outsourcing services to meet changing market requirements. We already have a fantastic set of software which underpins our employee benefits, share and pension administration and wealth management solutions and are delighted to add Pancredit’s loan administration and origination software to these platforms. Pancredit fits our criteria for acquisition – they are innovative, have a fantastic customer base aligned to our own and will take us into new market territory.”
Mr Donald added: “In Equiniti we have found a partner with a strong track record of investing in the businesses they acquire and will help us offer greater scale and growth, whilst retaining our unique identity. This will support further enhancements to our software platforms for new and existing customers. The company owes a particular debt to its founder, Peter Constance, who as managing director has ably steered the company through the aftermath of the banking crisis, and positioned Pancredit as a leading lending software providers.”
The Equiniti Group was formed in 2010. It has more than 3,000 employees in 22 office locations and supports more than 2,200 clients in both the public and private sectors including 50% of the FTSE.
