Software firm gets significant funding boost from PE specialist
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Advised on deals worth £300m in the first half of 2017
Manchester-based software business Mobysoft has secured a substantial but undisclosed funding investment from mid-market private equity firm Livingbridge.
The company with a headcount of 32 supplies a predictive analytical solution called RentSense, exclusively to the social housing centre, which helps landlords protect revenues and mitigate bad debt.
This is done by predicting which tenants will and won’t pay their rent. In 2015/16, RentSense helped customers reduce their rent arrears by about £29m, the company said.
Mobysoft said the investment would enable it to double the size of its technical and development team which currently numbers 11.
Founder and chief executive of Mobysoft Derek Steele said: “Mobysoft has grown rapidly over the last few years, as more landlords chose to deploy RentSense.
“This investment will enable us to bring to market other complementary software solutions, based on predictive analytics, that can help social landlords deliver further significant efficiencies.”
Nick Holder at Livingbridge, said: “Mobysoft already has a strong market position and great growth potential, in a sector Livingbridge knows well.
“With the perfect combination of sector-leading software, an entrepreneurial management team and the capital to pursue its growth ambitions, this is an incredibly exciting opportunity.”
The corporate team at Pannone Corporate advised Livingbridge. Global investment bank GCA Altium has also advised on the deal.
