As part of the move, finova has completed the sale of a majority of its shareholding to BCTO, and finova and MSO - which will be separated from the Australian parent firm - will unite under a common group.
The combined business will be majority owned by Bain Capital Tech Opportunities, the specialist high growth tech investment fund of Bain Capital, with co-investment from Octagon Capital, the investment vehicle of Paraag Davé, and the management team.
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, commented:
"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.”
