IFL Ventures would like to congratulate the shareholders of BrokerEngine, a mortgage broker workflow platform, on its successful sale to Australian Finance Group (AFG), a mortgage broking and lending solution provider.
BrokerEngine was established in 2016 by co-founders Craig Vaughan and Will Swayne. BrokerEngine is an advanced workflow and pipeline management tool whose technology provides an efficient and compelling customer experience. The founders of BrokerEngine were seeking a new owner for the business to support its growth and allow them to focus their efforts on driving innovation for all brokers using the technology.
In early 2021, BrokerEngine engaged IFL Ventures to conduct a ‘market sounding’ engagement which involved soliciting feedback on the business from a small number of carefully selected potential investors. From these discussions, AFG emerged as a well-suited acquirer who shared BrokerEngine’s mission to build technology solutions to drive business growth and enhance customer outcomes in the Australian mortgage industry.
The deal will see AFG gain access to BrokerEngine’s workflow management platform, with the new system set to integrate into the aggregators existing setup. BrokerEngine will continue to operate as a separate business in the marketplace with AFG providing financial backing to assist their growth. As part of the transaction, AFG has an option to increase its stake to 100 percent over the next two years subject to performance hurdles.
IFL Ventures represented BrokerEngine throughout the entire sale process, from helping the shareholders to understand the valuation range of the business to preparing the information memorandum, approaching potential investors, managing the due diligence process and assisting with contract negotiations.