London, September 30th 2021 – Sopra Banking Software, a global leader in banking and specialised financing software, is delighted to announce that it has acquired Dublin-based Luminosity Ltd.
It is a move that broadens the capabilities of its highly regarded Software Financing Platform (SFP) and provides a broader platform for Luminosity’s highly regarded digital auditing and risk management software.
Sopra Banking Software has acquired 100% of the share capital of Luminosity Ltd. Already used worldwide, Luminosity’s digital inventory auditing and ‘self-audit’ solution SOAR supports a broad range of lender and leasing organisations in the risk management of assets subject to finance. The product line-up synchronises perfectly with SFP’s existing software platform, which, most notably, manages wholesale stock/inventory financing for a host of lenders globally. The acquisition broadens the scope of SFP’s specialist asset finance software globally; it also enables the two businesses to increase the pace of innovation for which both are noted. It is as James Powell, Head of Asset & Consumer Finance at Sopra Banking Software, reflects a very strong fit of complementary skills and clients;
“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 organisations and our clients.”
Reflecting on the move, Luminosity co-founder and CEO Sharon Kavanagh-Banks shares:
“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.
“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.”
About Sopra Banking Software
Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide.
The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion.
Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees.
Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.3 billion in 2020. For more information, follow us on LinkedIn, Twitter & Instagram or visit www.soprabanking.com
The Luminosity Product Portfolio
- SOAR_inventory is Luminosity’s risk and inventory management tool that features “self-auditing” functionality based on NFC in combination with a quick tap & Scan action. Any person who has control of funded stock can audit it with the same degree of confidence as if an auditor were to place their hand on it physically.
- SOAR_appraisal is the most flexible vehicle rating, valuation and damage recording tool available in the market. Aimed primarily at Dealers, OEMs and Hire Drive companies, it provides a centralised digital record of all units requiring an appraisal.
- SOAR_inspection is Luminosity’s asset safety and compliance recording solution. While initially developed to meet legal vehicle check requirements, these inspections can be tailored to any asset.