As a result, founders Robert Lintonbon and Peter Pontefract will be leaving the business. Paul Hunt will continue at chief executive, supported by Richard Pike and Neil Dyke who remain as directors of sales and marketing, and technology respectively.
George Potts of NorthEdge will be joining the board following the buyout.
Phoebus said it will continue to “aggressively recruit and invest” in finding the best people for its business, which currently employs 130 staff.
Hunt said that the time was right to push on, noting that the investment from NorthEdge would “provide very solid foundations from which to move our business, products and solutions to the next level of market requirements.”
Pike (pictured) added: “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.”