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Bain Capital Tech Opportunities invests in Finova and buys Iress
Bain Capital Tech Opportunities has made a majority investment in mortgage and savings origination and servicing software firm Finova and acquired mortgage sales and originations (MSO) software business Iress.
By bringing together these two investments, Bain Capital “expects to offer a fuller set of products to current and potential customers, while continuing to invest in both platforms”.
Finova offers modular, open-architecture software-as-a-service (SaaS) originations and serving solutions to assist specialist lenders, equity release lenders, savings institutions and brokers.
The software allows customers to manage pricing and decisioning, underwriting, application processing and servicing of loans.
Iress is a technology company offering software to the financial services industry and offers software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence.
It is used by over 10,000 businesses and 500,000 users globally.
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James Stevens, managing director of Bain Capital Tech Opportunities in London, said: “We are excited to back a compelling combination of robust platforms with complementary product suites and customer bases.
“The combined scale of these two businesses will allow us to offer more competitive and innovative products in a dynamic market, ultimately bringing more choice to consumers across the country.”
Paraag Davé, executive chairperson of Finova, said: “Bain Capital’s investment in each business will strengthen and invest in the capabilities of both platforms and help deliver increased value to our customers.
“We are thrilled to blend Finova’s SaaS expertise in complex solutions such as pricing, decisioning, specialist lending, savings, and loan servicing with MSO’s leadership in residential mortgage originations.”
Andrew Simon, MSO CEO, said: “This is the ideal outcome for our business and our customers. Bain Capital is fully committed to investing in MSO to ensure our customers continue to benefit from software that is amongst the best in the market.
“Through the combined business, we’re looking forward to bringing a broader set of innovative products to market.”