Fast-growing FinTech company听HubSolv听has been acquired by international financial software firm听Aryza.听
Based in Glasgow,听HubSolv听was established in 2014 by schoolfriends Lewis Black and Fraser Hamilton.听
It has grown quickly into a leading provider of automated case management and CRM software to the personal debt and insolvency sectors.听
For the 2019 fiscal year,听HubSolv听ranked 165th across Europe, the Middle East & Africa for company growth, boasting an 850% surge in revenue from 2015-2018.听
贬耻产厂辞濒惫鈥檚听founders will be remaining at the helm of the business, which has a team of 18 including 10 developers, to drive its future growth. Terms of the transaction were not disclosed.听
“The acquisition provides a great opportunity for听HubSolv听to accelerate product innovation and growth,鈥� said Hamilton.听听
鈥淚t made perfect sense to combine forces with so many product overlaps between听HubSolv听and听Aryza.听听
鈥淏eing part of a larger group with private equity backing is the next step in our vision to provide the most advanced insolvency and debt management platform in the world.”听
Grant Thornton Corporate Finance in Scotland advised听HubSolv听on the deal.听
Neil McInnes, partner and head of corporate finance at Grant Thornton in Scotland, said: 鈥淗ubSolv听is an outstanding entrepreneurial success story. Fraser and Lewis deserve enormous credit for their vision in building an exceptional business that has allowed customers to deliver a quicker and more efficient service in the insolvency market.听
鈥淚t is great to see a Glasgow company establish itself in the fintech sector, earning a deserved reputation for revenue growth and innovation just seven years after its formation.听听听
鈥淗istorically Edinburgh has been the epicentre of Scotland鈥檚 finance sector, so it鈥檚 testament to the strength of the fast-growing Scottish FinTech community on the West Coast that a business like听HubSolv听can flourish here.听
鈥淲e look forward to听贬耻产厂辞濒惫鈥檚听continued growth and success as part of the听Aryza听Group, whose sector knowledge and resources make them an ideal owner.鈥�听
Founded in Dublin in 2002, The听Aryza听Group is now an international business specialising in providing software solutions for the financial services and insolvency sectors with operations in the UK, Canada, New Zealand, Mauritius and The Cayman Islands.听
Backed by Pollen Street Private Equity, a specialist investor in financial and business services sectors,听Aryza听has made听a number of听strategic acquisitions in recent months.听听
In December 2020 it appeared in the Tech Fast 50 benchmark of fast-growth tech firms in Ireland organised by Deloitte.听