Phoebus Software achieves buyout backed by NorthEdge Capital
Phoebus completes management buyout
After 30+ years of private ownership, UK-based banking tech and lendtech software provider Phoebus Software Limited has concluded a management buyout backed by NorthEdge Capital, writes Martin Whybrow.
NorthEdge is a private equity firm that supports MBOs, development capital and equity release transactions for companies based in the Midlands and the North of England.
Phoebus is based in Solihull, West Midlands. It started as a subsidiary of now defunct London-based Heritable Bank in 1989. A separate company was set up in 1997, with several founders moving from the bank, and it acquired the rights to the in-house developed lending system.
Over time, equity release became one focus area, alongside more general mortgage support. Users include building societies, niche financial firms and banks. Today the system spans origination and account servicing across a range of products, including residential and commercial mortgages, equity release, bridge loans, asset finance and savings.
The management buyout will see the departure of founders, Robert Lintonbon and Peter Pontefract. Paul Hunt remains as CEO, with NorthEdge providing a member on the new board.
The company, which currently has 130 staff, says it will continue to aggressively recruit staff and invest in its products and services.
Hunt comments: “The time is right for Phoebus Software Limited 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.”
