Redefining the Future of UK Mortgage Software

Iress is a global technology firm offering software across trading, financial advice, investment management, mortgages, and more to the financial services industry. Serving over 10,000 businesses and 500,000 users worldwide, Iress is backed by a team of more than 2,000 professionals across Asia-Pacific, North America, Africa, the UK, and Europe.

The decision by Iress to divest MSO, a leader in mortgage sales and origination software, aligns with its transformation strategy to focus on its core operations while enhancing its financial position. This move marks a significant step in Iress’ journey towards simplifying its business structure and concentrating on growth areas such as Wealth Trading & Market Data and Superannuation.

MSO’s software helps lenders and intermediaries give their clients the best mortgage experience through an efficient, connected journey from sourcing to completion. As the power behind one in three UK mortgages, MSO’s mortgage sales and originations software is recognised as the most advanced end-to-end system of its kind, removing the constraints of legacy systems and transforming the way lenders of all sizes do business.

Harry Mitchell, Group Executive Wealth and UK at Iress, shared: “GP Bullhound designed and drove an exceptional process for Iress and the UK Mortgages business. We’ve been impressed with the team’s deep sector knowledge and wide global network complimented by their strong guidance and high quality client service throughout.”

Matt Stamp, Partner at GP Bullhound, expressed his insights: “It has been a real pleasure to advise Iress on this key UK divestment with Iress’ transformation strategy gathering further pace. MSO’s end-to-end technology transforms both the customer and broker experience, pivotal to the growth strategies of the lending institutions that MSO supports. In Bain Capital, MSO have found a strong, capable partner to support the further development and growth of the platform.”

The acquisition by Bain Capital is set to revolutionise the UK mortgage technology landscape by merging MSO with finova. This combination aims to create a leading technology platform that will enhance efficiency and customer service across the mortgage industry.

Completion of the sale is subject to the novation of the existing MSO client contracts to the new entity as well as Competition and Markets Authority approval. It is anticipated the transaction will be completed by the middle of the year, with the proceeds used to retire debt. Iress will provide support services for a period of up to 12 months after the transaction on a cost recovery basis to ensure a smooth transition.

Iress was also supported on the transaction by Pinsent Masons, PwC and Seedcloud.

Enquiries
For enquiries, please contact:
Matt Stamp, Partner, at Matt.Stamp@gpbullhound.com

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.