Scottish fintech company HubSolv, created by two former school friends, has been sold to Irish software and data services provider Aryza.
Glasgow-based HubSolv provides automated case management and CRM software to the personal debt and insolvency sectors.
It was established in 2014, by Lewis Black and Fraser Hamilton and in 2019 it was ranked 165th across Europe, the Middle East & Africa for company growth, with an 850% surge in revenue over three years.
HubSolv’s founders will remain at the helm of the business, which has a team of 18 including 10 developers. Terms of the transaction were not disclosed.
Mr Hamilton said: “The acquisition provides a great opportunity for HubSolv to accelerate product innovation and growth. It made perfect sense to combine forces with so many product overlaps between HubSolv and Aryza.
“Being 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.”
Neil McInnes partner and head of corporate finance at Grant Thornton in Scotland who led the advisory team, said: “HubSolv 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.
“It 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.
“Historically Edinburgh, has been the epicentre of Scotland’s finance sector, so it’s testament to the strength of the fast-growing Scottish fintech community on the West Coast that a business like HubSolv can flourish here.
“We look forward to HubSolv’s continued growth and success as part of the Aryza Group, whose sector knowledge and resources make them an ideal owner.“
Founded in Dublin in 2002, The Aryza 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.
In December 2020 it appeared in the Tech Fast 50 benchmark of fast-growth tech firms in Ireland organised by Deloitte.