Finzsoft snares St George Bank order

Finzsoft snares St George Bank order

Summary: Company says orders indicate annual sales growth could hit 50% a year for the next two to three years.

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New Zealand stock exchange-listed banking software provider Finzsoft has bagged a deal from Australia's St George Bank, a subsidiary of Westpac, to assist with the integration of Capital Finance Australia Limited (CFAL).

Westpac acquired CFAL from Lloyds for A$1.45 billion in October.

Finzsoft says the deal, which will focus on the integration of CFAL's auto equipment and finance business, will see Finzsoft's Sovereign finance software used across the portfolio.

Westpac paid a premium of A$260 million to net assets, for the CFAL loan book which included BOS International Australia and was the last of Lloyds Australian banking assets.

Lloyds sold out of Australasia in the wake of the global financial crisis to concentrate on its UK operations.

According to The Australian, the acquisition was expected to add A$100 million to Westpac's earnings by 2015 when integration is completed.

CFAL's A$8.4 billion loan book included A$3.9b in motor vehicle loans, an equipment loan book of A$2.9b and corporate loans worth A$1.6b.

That kind of portfolio is a sweet spot for Finzsoft which says its software offers "seamless" straight through processing of asset-backed loans such as car loans, at the point of sale, incuding mobile point of sale capabilities to capture documents and contract signatures.

Finzsoft managing director Andrew Holliday said current contracts could see the company's revenue increased by 50% in each of the next two to three financial years.

Topics: New Zealand, Banking, Enterprise Software, Australia

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