We are pleased to announce that Synova Capital has led a growth capital investment in Meritsoft.
Synova is partnering with Meritsoft to support our continued growth and is investing alongside FiveW Capital, who are led by strategic US based investor Randall Winn, co-founder and former CEO of Capital IQ. Randall joins the Company as a Director alongside Peter Little (previously CEO and Chairman of Cadis Software Limited and co-founder of Braid Systems) who joins the Business as Chairman.
The demand for Meritsoft’s products has accelerated, driven by both regulatory demand and an internal drive for efficiencies within investment banks and other capital market participants. The growth capital investment from our new partners will support the Company in developing new products further, including SetClaim which was recently launched in partnership with one of the world’s largest clearing houses, Euroclear.
Commenting on the transaction, Philip Shapiro, a Managing Partner at Synova and a Director of Meritsoft, said: “Meritsoft possesses multiple compelling opportunities for growth including Claim Manager, the recently launched SetClaim utility and new analytics offerings. Our plan will focus on investing in the Business to support the growing level of demand for the product both internationally and domestically. We are delighted to be supporting Kerril and Paul, in partnership with the operational experience and leadership of Randy and Peter and look forward to being a part of the next phase of Meritsoft’s development.”
Kerril Burke, CEO of Meritsoft, commented: “I am delighted to be partnering with Synova, FiveW Capital and Peter. We have built Meritsoft through continually investing in our product and a focus on providing innovative and best in-class solutions to our customers. With the launch of SetClaim and a continued focus on efficiency in capital markets, there are significant opportunities for growth ahead. With the expertise of Synova, Randy and Peter in supporting growth, we look forward to taking advantage of these opportunities and building Meritsoft into the world leader in payables and receivables case management, matching and payment and settlement.”
Randall Winn, Managing Member of FiveW Capital, commented: “Meritsoft has built a series of great products, highly valued by its current users, which are currently primarily in the middle and back office of major financial institutions. After spending time with the team, it became clear that Meritsoft’s product and the data which it aggregates for customers can provide compelling business insights for front office users as well and we are looking forward to helping the Company introduce this new service to the marketplace. FiveW Capital is excited to partner with the Meritsoft team, Synova and Peter to help grow the Business”.