Finova Boosts Leadership After Bain Capital-Backed Merger
Deal News | Dec 16, 2024 | EIN
Finova, a cloud-based mortgage and savings software provider, has recently reinforced its senior leadership team following a merger facilitated by Bain Capital Tech Opportunities. This expansion involves the acquisition of finova and Australia-based Iress UK mortgage sales and originations division. The merger will result in a combined entity that is positioned to serve a substantial segment of the UK mortgage market. Paraag Dav, an executive with deep involvement in prior investments by Norland Capital in finova, will assume the role of CEO. Rowan Clayton, a long-serving figure at finova, has been promoted to Chief Product Officer. The company now claims to be directly involved in nearly 20% of mortgage originations in the UK. This reshuffle comes as part of a broader strategy to introduce innovative technology solutions in the financial sector amidst a stabilizing market landscape.
Sectors
- FinTech
- Investment Industry
Geography
- United Kingdom – Finova is a UK-based company heavily influencing the mortgage market with its software solutions.
- Australia – The merger includes the acquisition of Iress UK's business, which hints at prior Australian ownership or operations.
Industry
- FinTech – Finova operates within the financial technology sector, offering innovative software solutions for mortgage and savings services.
- Investment Industry – This relates to Bain Capital Tech Opportunities' backing of the merger, highlighting activity in the investment industry involving private equity engagements.
Financials
- 50 billion GBP – The annual value of mortgage originations processed by Finova.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Finova | Target company and combined entity | Company | A cloud-based software provider specializing in mortgage and savings solutions. |
| Bain Capital Tech Opportunities | Investment Firm and Buyer | Company | A private equity fund backing the merger of Finova and Iress' UK business. |
| Iress UK mortgage sales and originations business | Acquired company | Company | A segment of Iress focusing on UK mortgage sales and origination. |
| Paraag Dav | CEO | Person | Executive chairman transitioning to CEO of Finova. |
| Rowan Clayton | Chief Product Officer (CPO) | Person | Long-time team member at Finova, now promoted to CPO. |