"I love the challenge of growing businesses. Baycorp used to be small once and we grew into an Australasian listed company with revenues of $197 million," he said.

"Finzsoft has an excellent software product in Sovereign and it has high calibre and loyal customers in both New Zealand and Australia. It has highly skilled staff. I am looking forward to joining the board and leading the company through its next phase of growth.

Sovereign software is used by 25 financial services companies in New Zealand and Australia and also in the banking sector by St George Bank in Australia.

Following a partial take-over by Pi Capital Investments (FS) Ltd in June, the current managing director and founder of Finzsoft, Barrie Shannon, will now step down. He founded Finzsoft in 1986 and has led it for 21 years.