Dancerace, the fast-growing Bath-based specialist software firm, has secured new investment to support its global expansion ambitions.
The firm, which provides cloud-based software to major banks and lenders worldwide, received the funding from international software and technology-focused investment firm Norland Capital.
Launched in 1992, Dancerace develops software for the receivables, trade and asset-based finance market along with training, consultancy and support services to help its customers get the most value from their software.
It already serves around a third of the total receivables market in the UK and Australasia, plus a significant proportion of the European and African market.
The funding from US-based Norland Capital – which has been described as ‘significant’ –will further strengthen Dancerace’s market-leading position and is set to support its global expansions plans and product development initiatives.
Under the deal, Norland has bought Newable Capital’s majority ownership stake in Dancerace, which it acquired three years ago, with Dancerace CEO Elliot Avison, pictured, rolling 100% of his ownership position into the new partnership.
Bristol-headquartered law firm Burges Salmon’s corporate and mergers & acquisition team advised on the deal with a team led by corporate partners Alex Lloyd and Richard Spink with support from associates Rebecca Brown and Tom Curnow.
Alex said: “It has been a pleasure to work with the Newable Capital team and to see another local software and technology company going from strength to strength.
“We wish Elliot Avison, the rest of the Dancerace team and Norland Capital great success in the future.”
Newable Capital managing director Peter Barrand added: “We’ve worked closely with Dancerace for a number of years and are incredibly proud of everything we’ve achieved together.
“We’re grateful to Alex and the team at Burges Salmon for guiding us through this complex process with clarity and straightforward advice.”
