We are pleased to announce the sale of Newable’s investment in Dancerace to Norland Capital, an investment firm specialising in software and technology.
Dancerace, a leading provider of cloud-based software solutions for major banks and lenders globally, joined the Newable Group in July 2021 and has grown significantly under our ownership in both the UK and Australia as we have invested in the business and the management team. The acquisition and long-term investment from Norland sets the business up for the next phase of growth.
“Norland’s long-term investment horizon, extensive experience in supporting software and FinTech companies, and cultural fit made them the perfect partner to accelerate our growth,” said Elliot Avison, CEO of Dancerace. “Our partnership with Norland will strengthen our market-leading position as we continue to expand globally and enhance our customer services. This investment is a testament to our talented employees and loyal customers. We are thrilled to embark on this next stage with Norland.”
Dancerace’s workflow software helps leading banks and lenders offer invoice financing and asset-based lending products. Their solutions include invoice finance and discounting, factoring, loans, asset finance, construction finance, and trade finance.
We are delighted to have had the opportunity to invest in Dancerace and its management team for the last few years,” said Peter Barrand, Managing Director at Newable Capital. “The impact that Elliot has had on Dancerace since taking the CEO seat has been truly impressive and we are excited to see the company’s success continue with the support of a partner like Norland who is 100% dedicated to growing software and technology companies.”
Mati Szeskowski, CEO/Founder of Norland Capital, added, “Elliot’s passion for the company’s culture, employees, and customers is evident in Dancerace’s success. We look forward to partnering with Dancerace in their next chapters of growth.”
As part of the transaction, Norland Capital has acquired 100% of Newable’s majority ownership stake in Dancerace, and Elliot Avison has rolled 100% of his ownership position into the new partnership.
For more information, visit Dancerace, Norland Capital, Alantra, and Newable.