Private equity firm NorthEdge Capital has backed the management buyout of software business Phoebus Software Limited (PSL).
PSL provides software and services for origination and account servicing processes for a range of products, including residential and commercial mortgages, equity release, bridge loans, asset finance and savings.
Its clients are multinational financial services firms such as building societies, banks and loan servicing firms, and include Atom Bank, One Savings Bank and Pure Retirement.
The business was founded in 1989 as a subsidiary of Heritable Bank before becoming fully independent in 1997. It is headquartered in Solihull and employs 130 staff.
NorthEdge’s investment backs PSL’s existing CEO Paul Hunt and will support him and his team in investing resources and capital into the company’s products. Andy McEwan, formerly of Oracle and IFE Services, will join the business as Non-Executive Chair.
Paul Hunt, CEO at PSL, said: “After sustained growth and success over many years, our business is ready to move to the next level. In working with NorthEdge, we have an investment partner who will provide backing to ensure that our products and services continue to be at the forefront of market requirements.”
Rob Freer, Head of Midlands, NorthEdge Capital, added: “It’s clear to see that the team at PSL is valued by their clients and have built a strong reputation over many years. We look forward to supporting Paul and his team through further investment in product capabilities, to execute on an exciting growth strategy centred on delivering great systems into their high-growth client-base.”