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Four years after a failed $15 million buyout as part of a planned listing on the ASX, Geelong-based lending-management software company Axcess Consulting has been acquired by Aryza Group, an Ireland-based provider of software solutions to the financial services industry.
While financial details of the acquisition have not been disclosed, Aryza says the deal expands its presence in the Asia-Pacific region where it sees “significant potential” to grow its business.
Axcess Consulting, which was founded in 1991 by Ivan Colak and Laurie Atkinson, provides loan management software to blue-chip financial services companies in Australia, UK, Ireland, Asia and Canada, and has established itself as a major player in the sector over the past three decades.
Financial data released in 2020, when a buyout of the business was proposed via an $11 million IPO by ARMnet, revealed that the Axcess platform managed $100 billion in assets globally at the time.
ARMnet had planned to acquire Axcess Consulting for a total of $4 million in cash and $11 million in shares creating a business with an enterprise value of $16.9 million, but the IPO ended before it could begin.
After managing to raise the minimum target of $8.5 million from investors, ARMnet was hit by an ASX roadblock that the deal involved the acquisition of a “classified asset”, meaning that no cash could be paid to the vendors for their shares in Axcess.
The share float was subsequently abandoned after ARMnet failed to renegotiate the terms of the acquisition with the Axcess founders, ending plans by the Victorian company to tap into fresh capital markets to drive growth.
Aryza’s deal for Axcess marks its ninth acquisition since 2019, all of which the Irish group says have supported its mission “to be the leading global provider of software solutions across the entire credit-debt lifecycle”.
Under the Aryza banner, Axcess customers are said to benefit from being able to tap into the group’s existing loan management software offering and its broader global reach.
“As the owners, we have always tried to create an environment where our team members felt the same sense of ownership of the Axcess platform and our loyal customers, as we did,” says Colak, who developed the original coding for the Axcess software with the aim of enhancing the credit assessment and servicing of loan assets.
“We were motivated to find a company such as Aryza, who had a business strategy and strength that compliments Axcess but could also act as custodians for what we had built.
“We could not be more excited for the future growth and opportunities provided by Aryza for the Axcess platform and the benefits it will bring to our valued partners.”
Aryza, which has an Australian presence in Sydney, provides software services to businesses in regulated industries, particularly those in the lending, credit, debt recovery and insolvency sectors. The company, which was established in 2002, has more than 1,650 clients in 13 countries.
“This strategic move aligns perfectly with our mission to expand our global footprint and deliver innovative financial solutions to a wider audience,” says Aryza CEO Colin Brown.
“Axcess Consulting's expertise and local market knowledge complement Aryza's technological capabilities, creating a powerful synergy that will enhance our service offerings and provide greater value to our clients.
“We look forward to driving growth and innovation in the financial services industry across Australia.”
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