Phoebus Software Limited

Phoebus Software Limited concludes MBO backed by NorthEdge Capital

Phoebus Software Limited (PSL) has concluded a management buy-out (MBO), which was backed by private equity firm NorthEdge Capital.

The transaction will see founders Robert Lintonbon and Peter Pontefract leave the business, while CEO Paul Hunt (pictured above) will remain in his role.

Paul said: “After many successful years of supplying our clients with market-leading products and services, the time is right for PSL to push on in an ever-evolving and fast-paced technology sector.

“The investment from NorthEdge will provide very solid foundations from which to move our business, products and solutions to the next level of market requirements.”

He will be supported by other key directors, including Richard Pike, sales and marketing director, and Neil Dyke, chief technology officer.

Richard added: “This transaction is testimony to the success and growth we have had over recent years, and we thank our clients and our staff for working with us to achieve this success.

“The investment will enable us to accelerate the development of the Phoebus solutions already used by our bank, lender and outsourcing clients in the UK and Ireland.

“This transaction will be of great benefit to both new and existing clients moving forward.”    

George Potts from NorthEdge will join the new board at PSL, with the business planning to recruit to add to its 130 staff.

PSL provides software and services that enhance the origination and account-servicing processes across products including residential and commercial mortgages, equity release, bridging loans, asset finance and savings.

Rob Freer, head of Midlands at NorthEdge Capital, said: “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.”

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