Siris keeps three Equiniti units as it hands the rest to Bullish

What's the deal? Private equity firm SirisDealroom has a profile for this one. Try Dealroom → will retain ownership of three EquinitiDealroom has a profile for this one. Try Dealroom → (EQ) businesses — EQ Retirement Solutions (EQRS), EQ Customer Resolutions (EQCR), and LenviDealroom has a profile for this one. Try Dealroom → — as it sells the wider EQ to crypto exchange Bullish. Siris exercised an option, carved into the Bullish agreement, to keep the three units supplying essential services to UK pension schemes, financial institutions, and corporate clients.

Why now? The move runs in parallel with EQ's sale to Bullish, expected to close in January 2027, subject to customary conditions and regulatory approvals. Siris has owned EQ since 2021.

What are the businesses? EQRS provides outsourced pension administration and its Compendia software, supporting more than 10 million members and £10 billion in annual payments. Lenvi offers loan servicing and fraud detection software, managing more than £100 billion of credit assets for over 150 lenders through its platform regulated by the Financial Conduct Authority. EQCR handles customer and complaints resolution for regulated businesses.

What's the endgame? Siris plans to run the trio as a standalone platform and accelerate investment in technology, including AI-enabled administration, onboarding capacity, and member experience.

The signal: "As a standalone platform with dedicated focus and resources behind them, these businesses will be well positioned to accelerate their momentum," said Frank Baker, co-founder and managing partner at Siris. The split lets Siris — which has deployed more than $9 billion of equity capital since inception — cash out of EQ while doubling down on the mission-critical financial services software it knows best.

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