Software Circle, a London-listed software investment firm, has acquired a majority stake in Dublin-based mortgage and life insurance technology provider Artificial Intelligence Finance (AIF), in a transaction valued at up to €9 million.
According to a report from The Irish Times, the deal sees Software Circle take a 95% shareholding in AIF for an initial €5 million, including a deferred payment of €670,000 due in 12 months. An additional €4 million may be paid for the remaining 5%, contingent on the business meeting performance targets in 2026 and 2027.
AIF operates under the trading name OnlineApplication (AO), a digital platform that enables mortgage applicants to submit applications via mobile and allows brokers to integrate directly with lender systems. The platform is used by around 60 mortgage brokers, five lenders, 200 life insurance intermediaries and two life companies.
AIF also owns AO Life and CRM, a suite of digital tools for client management, marketing, quoting and compliance, following its acquisition of insurtech firm Money Advice last year. The fintech reported €2.2 million in revenue for 2023.
Software Circle said the acquisition is expected to be earnings-accretive and cash-generative in its first year. The valuation reflects projected earnings before interest and tax (EBIT) in future years.
Karl Deeter (pictured), who co-founded AIF and will continue to lead the business, previously held a significant ownership stake. Other shareholders included Enterprise Ireland, Hostelworld co-founder Tom Kennedy, and Suretank founder Patrick Joy.
“This is about helping brokers become the number one delivery channel for digital financial services in Ireland,” Deeter said. “It’s a vote of confidence in our team, our customers, and our vision.”
Advisers on the deal included Hugh O’Neill of Hogan and Associates for AIF and Allenby Capital for Software Circle.
The acquisition comes as digital transformation continues to reshape mortgage and insurance distribution models in Ireland. Brokers account for nearly half of all home loan originations, and platforms that streamline submissions and compliance are attracting growing interest from investors.
