An investment firm associated with prominent east coast businessman John Wylie has paid what is believed to be tens of millions of dollars for a majority stake in Perth-based INX Software.
Tanarra Capital said the investment by its private equity arm would boost INX’s product development and accelerate its global expansion.
INX was founded by Garry Back, who retains a 20 per cent shareholding with wife Linda alongside five per cent holder Vaughan de Vos, the company’s chief technology officer.
As part of the deal, Mr Back will step up into an executive chairman role, with chief marketing officer Basil Lenzo becoming chief executive.
INX, which is said to have hundreds of customers on four continents, markets a range of workplace management systems, mainly to the mining and energy sectors.
The investment is being overseen by Tanarra’s Perth-based principal, Anna Shave, who has joined the INX board.
Tanarra has 20 staff in Australia, Tokyo, Auckland and Hong Kong, and has doubled funds under management to about $1 billion over the past 12 months.