Equiniti, a leading business services outsourcing provider, today announces the acquisition of Pancredit Systems Limited (Pancredit). Pancredit is an innovative and fast-growing lending software business which supports banks, intermediaries and price comparison sites with intelligent loan administration and origination services.
The acquisition will strengthen the range of services offered by Equiniti to the UK's leading financial services and public sector organisations, capitalising on market opportunities. Pancredit will gain the scale, support and stability of becoming an Equiniti Group company and will retain its unique identity.
Guy Wakeley, CEO, Equiniti said: "Equiniti's acquisition of Pancredit reinforces our strategy to extend our range of outsourcing services to meet changing market requirements. We already have a fantastic set of software which underpins our employee benefits, share and pension administration and wealth management solutions and are delighted to add Pancredit's loan administration and origination software to these platforms. Pancredit fits our criteria for acquisition - they are innovative, have a fantastic customer base aligned to our own and will take us into new market territory."
Graham Donald, Managing Director, Pancredit, added: "Pancredit has been helping clients in the financial services sector champion responsible lending and enhance the experience of end-users for over 25 years. In Equiniti we have found a partner with a strong track record of investing in the businesses they acquire and will help us offer greater scale and growth, whilst retaining our unique identity. This will support further enhancements to our software platforms for new and existing customers. The Company owes a particular debt to its founder, Peter Constance, who as Managing Director has ably steered the Company through the aftermath of the banking crisis, and positioned Pancredit as a leading lending software providers."