A West Midlands software firm has undergone a private equity-backed management buyout.
Phoebus Software specialises in products for account servicing processes across fields such as residential and commercial mortgages, equity release, bridge loans, asset finance and savings.
Clients include Atom Bank, One Savings Bank and Pure Retirement.
The business was founded in 1989 as a subsidiary of Heritable Bank before becoming fully independent in 1997 and currently employs 130 staff at its office in Solihull.
The undisclosed funding sees NorthEdge Capital take a majority stake and backs existing chief executive Paul Hunt, enabling him and his team to spearhead additional investment of resources and capital into its product range.
As a result of the deal, director Peter Pontefract and executive chairman Robert Lintonbon will leave the business while tech and media industry veteran Andy McEwan will join as non-executive chairman.
Mr Hunt said: "After sustained growth and success over many years, our business is ready to move to the next level.
"In working with NorthEdge, we have an investment partner who will provide backing to ensure that our products and services continue to be at the forefront of market requirements."
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The investment was led by NorthEdge's head of Midlands Rob Freer and investment director George Potts with the latter joining the Phoebus Board.
Mr Freer added: "It's clear to see that the team at Phoebus Software is valued by its clients and has built a strong reputation over many years.
"We look forward to supporting Paul and his team through further investment in product capabilities, to execute on an exciting growth strategy centred on delivering great systems into their high-growth client-base."
Advisers acting on the deal were Catalysis, CIL, Cooper Parry, Crosslake, Evolution CBS, KPMG, Mackrell Turner, Mark Cappell, Marsh, Mills & Reeve and RSM.