Finance and banking software developer Finzsoft announces today it has received notice of a partial takeover for 63.6% of the company from Pi Capital Investments at $1.30 per share. Pi Capital Investments has secured a lock-up agreement with Software Laboratories, Barrie Foster Shannon, Sally Slawson and Kanu Jeram as trustees of the Bogside Trust, and Campaign Solutions.
The lock-up agreement requires Pi Capital Investments to issue a takeover notice for Finzsoft within 10 working days. In May last year, Finzsoft sold its application Sovereign to the St George Bank in Australia. The lending application was part of a mainframe phase-out across the finance and lending department. All branch staff and dealers within the business and equipment finance units moved to using Sovereign. Later last year, St George Bank’s automobile financing system was also converted to run the Sovereign application.