Mortgage and savings software firm Finova and MSO have completed a transaction with Bain Capital Tech Opportunities to become one entity.
As part of the transaction, Finova has completed the sale of a majority of its shareholding from Norland Capital to Bain Capital Tech Opportunities.
MSO will be separated from its Australian partner and combined with Finova under a common group.
The combined entity will be one of the “leading software vendors dedicated to the mortgage and savings sectors”.
The business will be majority owned by Bain Capital Tech opportunities, with co-investment from Octagon Capital, the investment vehicle of Paraag Davé, and the management team.
The company will offer cloud solutions and service over 60 banks, building societies and specialist lenders and benefit from the skills and expertise of over 550 staff.
Finova offers a suite of software as a service solutions, including mortgage origination solutions, and supports over 50 residential, buy-to-let (BTL) and specialist lenders and offers mortgage serving, savings and broker client relationship management (CRM) software.
MSO specialises in mortgage sales and application processing, focusing on residential and BTL areas.
Paraag Davé, CEO of the combined Finova and MSO entity, commented: “Since taking on an executive role over the last year at Finova, we have transformed the business, and this gives huge confidence in what can be achieved.
“This transaction brings the backing of Bain Capital Tech Opportunities and unites us with MSO, which amplifies our potential, benefiting our employees, customers, and the market as a whole. Together, we are poised to advance the industry and deliver greater value.”
James Stevens, managing director of Bain Capital Tech Opportunities, added: “We’re thrilled to finalise our investment in Finova and MSO, two exceptional companies with a strong track record in the mortgage software sector. The combined scale and capabilities of these businesses will enable us to offer more competitive and innovative products, addressing the evolving needs of the UK mortgage industry.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
