Sopra Banking Software, an international leader in banking and specialized financing software, is pleased to confirm that it has acquired Dublin-headquartered Luminosity Ltd.
It’s a move that aims to widen the capabilities of its Software Financing Platform (SFP) and offers a broader platform for Luminosity’s digital auditing and risk management software.
Sopra Banking Software noted that they’ve acquired 100% of the share capital of Luminosity Ltd. Already being used globally, Luminosity’s digital inventory auditing and “self-audit” solution SOAR is offering support to a wide range of lender and leasing organizations in the risk management of assets subject to finance.
As first reported by Finextra, the product line-up synchronizes with SFP’s software platform, which manages wholesale stock/inventory financing for various lenders throughout the world. The acquisition aims to broaden the scope of SFP’s specialist asset finance software. It also enables the two companies to accelerate the pace of innovation.
James Powell, Head of Asset & Consumer Finance at Sopra Banking Software, stated:
“Having already partnered with Luminosity on a number of projects globally, we were already aware of the similarities in culture and vision between our two businesses. We are both ambitious and fast-growing with an appetite for innovation and collaboration. On this occasion, the opportunity to move from collaboration to ownership presented an ideal fit that worked exceptionally well for both organizations and our clients.”
Sharon Kavanagh-Banks, Co-founder and CEO, Luminosity Ltd, remarked:
“Over the last nine years, we have built a product portfolio of asset risk products, a loyal customer base, reputation and global reach. We have evolved from the idea that we could develop software to fix many of the ‘issues’ we had seen in our careers in the auto and asset financing marketplace to the reality of realising the execution of software that addresses those issues effectively.”
Sharon added:
“Today, our digital inventory self-auditing, vehicle appraisal and inspection tools have proved themselves to be cost-effective, efficient and highly scalable. Now, as part of a broader software partner, we aim to maintain continuity with our existing clients while accelerating and broadening our proposition and sustaining our growth trajectory. The Luminosity team is excited by this strategic move; being part of Sopra Banking Software gives us a new level of scale and resource in an environment where we share a common vision for the future of asset finance software.”
