Phoebus Software completes management buyout

Paul Hunt will remain as CEO, alongside other directors including, Richard Pike (sales and marketing) and Neil Dyke (technology).

The buyout was backed by NorthEdge Capital, a private equity firm that supports management buyouts, development capital and equity release transactions for companies based in the Midlands and the North of England. George Potts from NorthEdge will join the new Board.

Phoebus delivers software and services that enhance the origination and account servicing processes across a range of products, including residential and commercial mortgages, equity release, bridge loans, asset finance and savings.

The business was founded in 1989 as a subsidiary of Heritable Bank before becoming fully independent in 1997, and currently employs 130 staff.

Paul Hunt, CEO of Phoebus Software, commented: “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.”

Richard Pike 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.”