Pancredit is preparing for growth in 2007, with a new investor on board and plans to further expand its product portfolio following the successful launch of MADE (multi-agency decision engine) last year.
Shackleton Ventures has acquired 3i's entire stake in pancredit. Shackleton specialises in technology markets where its partners have long experience both as investors and entrepreneurs. This new investment deal has allowed pancredit to write off significant debt and return more ownership to the management team, and it will also provide a facility specifically to fund new product development.
Hugh Stewart, Managing Partner of Shackleton Ventures, comments, "Shackleton actively sought the opportunity to become a pancredit shareholder because we feel the company has the potential to build on its strong market position. Our due diligence revealed that the business is exceptionally well thought of by its customers and we were also very impressed by the quality and commitment of the management team. We are very excited about the company's future, having now been given a preview of the new offerings that are under development."
"In Shackleton Ventures, we have found an investor who has a real interest in our business and brings specialist expertise which will contribute to our success," adds Peter Constance, pancredit's managing director.