Dave and Raj built a core banking software platform for mortgages and savings.

DPR Today – DPR is the market leader in mission-critical core banking software with nearly 50 blue-chip financial institutions as clients. DPR software enables banks to make loans, take deposits, and provide savings products, driving revenues as well as running the core back-office workflows and processes. DPR is used daily across the customer’s organization by many people such as loan officers, underwriters, and risk managers. DPR software is heavily integrated into the myriad of internal systems within a bank and operates in a highly regulated and compliance-heavy environment.

 

The Beginning – Early in their careers, Dave and Raj met while working at a large bank as software engineers and quickly realized that existing banking software was old and creaky. So they set out together to build a more flexible core banking software platform for mortgages and savings. DPR quickly began winning business and displacing incumbent software providers with its functionally rich and flexible banking software.

Transaction Reason – Despite strategic offers, Dave and Raj did not want to sell their business as they saw significant growth ahead. Instead, they looked for the right long-term partner to help them accelerate growth and further build their business.

 

Why Norland – Dave and Raj felt that Norland was particularly differentiated versus typical PE funds due to Norland’s unique long-term capital and entrepreneurial approach which enables business building for long-term value and not focusing on a quick exit. Norland partnered with Dave and Raj, acquiring a significant stake in DPR. Both Founders retained sizable equity positions, remained in the business, and Dave continued as CEO.

 

Since Norland’s InvestmentBuilt senior management team to support Dave and Raj (including the CTO, CFO, HR Head, and Marketing Head) and together increased headcount by nearly 50%, moved to >2x the office space to accommodate the growth, launched several new products in adjacent areas such as new digital solutions, upgraded systems and infrastructure, acquired 3 companies that added new products and expanded the footprint into new markets, and reinvigorated sales & marketing.

 

Future – DPR is growing subscription revenues at >30% annually and is very well positioned for continued growth given many positive market drivers: API-zation of the IT stack, rise of open banking, and consumerization of lending.

 

For more info, visit https://www.dpr.co.uk/.