Elliot is building on his father’s legacy and is leading the #1 cloud banking software provider for invoice finance and ABL

Dancerance Today – Dancerace is a fast-growing FinTech company and the leading cloud software provider to some of the world’s largest banks and lenders offering invoice finance and asset-based lending (ABL) products. Financial institutions worldwide, such as ScotPac, Aldermore, Metro Bank, and Westpac depend on Dancerace to deliver a wide range of complex financial products to business borrowers. These include loans, invoice discounting, factoring, selective invoice finance, asset finance, construction finance, trade finance, and more.

The Beginning – Founded in 1992 by Anthony Avison, Dancerace was the 1st cloud software offering and the 1st subscription-based platform to the industry. Elliot Avison, Anthony’s son, joined the company in 2011 as a Software Support Engineer, moving to COO 5 years later, and became CEO in 2019. Elliot has significantly built upon his family’s legacy – expanding the core products, developing several new products, and more than tripling the customer base and revenues. Today, Dancerace continues to be recognized as the market leader for product innovation in the market.

Transaction Reason – The majority owner of Dancerace, a private equity firm that owned 80% of the company, engaged an investment bank to explore their strategic alternatives after owning the business for 3 years. The goal for the selling private equity firm was to recognize the growth in business value but also allow Dancerace to continue to grow in the future with a long-term partner who is exclusively focused on supporting the growth of software companies like Dancerace.

Why Norland – The private equity owner, the investment bank, and Dancerace chose to work with Norland for several reasons. The investment bank and private equity owner saw Norland’s speed, certainty to close, simple and easy diligence process, and Norland’s deep sector expertise as highly attractive and comforting. In addition to the above, Elliot and the Dancerace team were attracted to Norland’s long-term, 10+ year commitment to growing software companies like Dancerace, focus on people and culture, as well as desire to invest in and ability to accelerate Dancerace’s growth – by growing the team, investing even more into product development, accelerating sales, enhancing customer success, as well as supporting international expansion and M&A. Elliot and the team were really excited to partner with Norland and have rolled 100% of their ownership forward with Norland.

Since Norland’s Investment – Elliot has continued as CEO and with Norland as a partner, the focus is on further investing and building out Dancerace’s vision to have the most advanced and reliable cloud-based commercial finance operating system in the market. Dancerace will also continue to maintain its focus on hiring industry specialists and developing its customer success model. In addition, Dancerace is also preparing for further international expansion and exploring M&A.

Future – Dancerace is quickly growing subscription revenues all organically at >25% annually by adding new customers to their platform every year as well as introducing new products to the existing customer base. Dancerace will continue to do what it does best by focusing on – people, product, and customer success.

For more info, visit www.dancerace.com.