A SOFTWARE firm which was established by a former actor is set to hire more staff after gaining a new owner.
Yesterday, Equiniti, a business services outsourcing provider, acquired Pancredit Systems, which is based in Yeadon, near Leeds, for an undisclosed sum.
Pancredit, which has 40 staff, was established in 1988 by entrepreneur Peter Constance, who once toured the US with the Oxford and Cambridge Shakespeare Company.
Mr Constance established Pancredit with help from private equity firm 3i, after spending several years working at a local software company. Pancredit’s software aims to help banks and lenders cut costs by ensuring that people who apply for credit are steered towards financial products they can afford. Pancredit, which will keep its name and stay in Yeadon, saw its full year turnover rise from £3.8m to £5m in 2013.
Graham Donald, Pancredit’s managing director, said that Mr Constance had decided to “step back” from the business towards the end of last year. At the time of the sale, Shackleton Ventures and Mr Constance were the main shareholders.
Mr Donald said Pancredit had been talking to Equiniti about a possible sale for three or four months. Pancredit plans to hire an extra 10 staff over the next year.
Panintelligence, the business intelligence software arm of Pancredit, will become a separate company.
Mr Donald said: “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, while 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.”