Tanarra Capital buys majority stake in INX Software

INX Software founder Garry Back said he was pleased to engage with Tanarra Capital for the next growth phase of his company, after the private investment firm acquired a majority stake in INX.

A minority stake in INX will be retained by its founder and chairman Garry Back and chief technology officer Vaughan de Vos.

Mr Back said he had been building INX Software for a long time and wanted to find investors which could be trusted to support the vision of the team, product and customers. 

"Tanarra have a track record of supporting Australian companies and building strongly growing businesses," Mr Back said. 

"We are pleased to engage with them for the next phase of growth of our business.” 

Tanarra founder and principal John Wylie said Mr Back, Mr de Vos and the team at INX had built an agile and innovative company which exceled in the development and sales of workforce management and logitics software. 

"Tanarra is looking forward to actively partnering with the company for its next leg of growth and further expansion globally," Mr Wylie said. 

"We are also pleased to endorse the new appointments of Garry to Executive Chair of the INX Board and Mr Basil Lenzo, INX’s Chief Marketing Officer to his new role of Chief Executive Officer of INX.

"Basil has a track record for building and leading high performing teams in the tech sector in Australia.”

Tanarra’s Perth-based principal Anna Shave has been appointed a board member and will oversee the investment.

INX is a software company providing workplace management systems to clients in the energy, mining, contracting, construction, transportation, communications, health and marine sectors.

It grew out of Cube Consulting and has expanded to have offices in Australia, New Zealand, Canada and South Africa.

Tanarra, an investment firm founded by senior investment banker John Wylie,  has about 20 staff in Australia, Tokyo, Auckland and Hong Kong and in the last 12 months has doubled its funds under management to about $1 billion.