Investment From Irish Investor Consortium in Progress Systems

From left to right, Alan Mahon, head of private equity, Goodbody Capital Partners
Jonathan Dalton, managing director, Melior Equity Partners
Tom Owens, chief executive, Progress Systems
Brian O’Connor, senior investment director, Ireland Strategic Investment Fund

Investment From Irish Investor Consortium in Progress Systems Will Support Continued Product Development and Service Innovation for Credit Union Customers

February 2026 

We wish to announce that Progress Systems have agreed terms for an external investment into our company with key sovereign partners: - The Irish Strategic Investment Fund, with Industry Leaders: - Melior Equity Partners and Goodbody and will enable Progress to accelerate our product development roadmap, invest in new technologies and further enhance our software platform helping Credit Unions innovate and grow.

The investment will enable Progress to accelerate our product development roadmap, invest in new technologies and further enhance our software platform helping Credit Unions innovate and grow. As Credit Unions face increasing regulatory, digital, and member service demands, we will continue to build the tools and support needed for Credit Unions to thrive in a rapidly evolving financial services landscape. Key to our roadmap is our staff and we plan to grow our staff levels from the current 72 staff members to over 100 members.

Our key partners in this investment are as follows:

Melior Equity Partners is a leading Irish investment firm, backed by long term investors including Ireland Strategic Investment Fund and the European Investment Fund

The Ireland Strategic Investment Fund (ISIF) is a Sovereign Investment Fund with a mandate to support economic activity and employment in Ireland. ISIF is managed and controlled by the National Treasury Management Agency (NTMA)

Goodbody Capital Partners is an Irish investment manager that invests in funds and established companies operating in Ireland with strong leadership and clear strategies for growth

Progress Management Team: Tom Owens and Leo McCarthy will remain as shareholders in Progress, and Tom will continue in his role as Group CEO of the company, ensuring continuity of leadership, culture and vision. Also of key importance is that several other members of the Progress senior management team will be welcomed as shareholders in the business, further aligning the management team with the long-term success of the company and its Credit Union customers.

Group CEO of Progress, Tom Owens, said:

“This partnership with leading, long-term focussed Irish investment institutions marks an exciting new chapter for Progress. With this investment from Melior, the Ireland Strategic Investment Fund and Goodbody, we will ensure that Credit Unions have the tools they need to deliver outstanding service to their members and to compete in a digital-first world. I am proud of what we have achieved over the last 20 years and look forward to working alongside our talented management team and staff to create exciting new opportunities for our customers and the wider Credit Union sector.”

Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD, said:

“I welcome the investment by an Irish consortium, including the Ireland Strategic Investment Fund, in Progress, who are providing critical banking software to the credit union sector.

Innovation in digital banking services is crucial for the credit union sector, in order to meet member expectations and further compete in a digital world. This investment is testament to the growth opportunities which are open to the sector. It is particularly positive that it is coming from within Ireland, reflecting the brand strength credit unions have throughout the country. 

This year is an important one for credit unions, as I embark on delivering a collaborative credit union strategy with the sector. Investment like this reinforces that work and the opportunities ahead.”

We are extremely grateful to Minister Robert Troy for his endorsement.

Jonathan Dalton, Managing Director at Melior Equity Partners, commented:

“We are very pleased to be partnering with Tom and the superb team at Progress. Our partnership, alongside our co-investors the Ireland Strategic Investment Fund and Goodbody, will facilitate further investment by Progress in its people, technology and product innovation in support of the Credit Union sector. The Credit Union movement is a critical pillar in supporting economic activity, employment and social inclusion across Ireland and the UK and we are proud to be part of its future development.”

Brian O’Connor, Senior Investment Director at Ireland Strategic Investment Fund, commented:

“This investment in Progress aligns well with ISIF’s mandate of supporting indigenous Irish businesses and wider economic activity in Ireland. Progress plays a crucial role in providing technology and innovative services to the Credit Union sector and its 3.7 million members in Ireland. We look forward to working with Progress as it scales in Ireland and internationally, supporting continued investment in its team and development of new innovative products”

This investment brings a great set of partners into Progress, partners who will help us as we move to the next level of service and product development for all our Credit Union customers.

THOMAS OWENS

CEO, Progress Systems Limited