Norland Capital invests in Dancerace to accelerate innovation
Dancerace, a leading provider of software systems for global banks and business lenders, today announced a significant new investment from Norland Capital, a software and technology-focused investment firm based in San Francisco, Boston, Sydney and London. International investment banking firm Alantra advised Dancerace and its majority owner, Newable Capital, on the transaction.
Based in Bath, UK, and Sydney, Australia, Dancerace offers a complete, connected software OS for banks and lenders providing invoice finance and ABL products. Today, 70+ banks and lenders across Europe, APAC and Africa depend on Dancerace to deliver loan, invoice discounting, factoring, SIF and trade, construction, recruitment and transaction finance facilities from its intuitive, award-winning software platform.
“Norland’s focus on partnering with entrepreneurs, long-term investment horizon, 25+ years of investing in and supporting technology companies and – most importantly – cultural fit made Norland the perfect partner for our next chapter.” said Elliot Avison, CEO of Dancerace. “Our partnership with Norland will enable us to continue to grow our team, expand into new markets and strengthen our market leadership. At the same time, Norland Capital is committed to helping us to continue to invest in improving our services and to accelerate progress on our technology roadmap. This investment is a testament to the strength of Dancerace’s SaaS solutions, talented employees and the trust of our clients. We’re thrilled to partner with Norland Capital on the next stage of our journey.”
“Through our conversations with Elliot and the Dancerace team, it was obvious that they are incredibly passionate about their company’s culture, employees, clients and building best-in-class software solutions” said Mati Szeszkowski, CEO/founder of Norland Capital. “Elliot’s passion has been a key ingredient in their success. Dancerace is a clear winner, evidenced by their award-winning SaaS platform, strong customer feedback and market-leading retention. We look forward to partnering with Dancerace through their next chapters of growth.”
As part of the transaction, Norland Capital has acquired 100% of Newable Capital’s majority ownership stake in Dancerace, while Elliot has rolled 100% of his ownership position into the new partnership.
“It has been an honor to have partnered with Dancerace for the past 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’re excited to see the company’s success continue with the support of a partner that is 100% dedicated to growing software and technology businesses.”
