ASSA ABLOY swoops for construction tech firm

ASSA ABLOY has acquired Solihull-based workforce management specialist Biosite Systems.

Biosite provides solutions for workforce management, task management, material management and fire safety & security in the construction industry. The business’ solutions capture data that is then converted into real-time insight that supports and informs the decision making of project managers on construction sites.

The business received investment from Mobeus Equity Partners in 2016, who helped support management to further develop their software offering as well as fund bolt-on acquisitions.
Biosite’s growth also led it to be featured in the Tech Track awards for the last two years.

Earlier this month, the company announced a record revenue increase of 28% to £12.5m for 2019.

For the year ending July 31, company also reported a 51% jump in operating profit, with gross profit rising from £3.7m to £5.3m.

The firm says it plans to reinvest profits in R&D to ensure the continuous development of its software and hardware portfolio, to deliver the best solutions and service proposition for its customers.

PwC Corporate Finance acted as lead financial advisor to the shareholders of Biosite. The PwC team advising on the deal was led by Sarah Taylor and Ian Birch, with support from David Isaacs, Kay Sin and Chris Hobbs.

Ian Birch, director at PwC in the Midlands, said: “We’re delighted to have helped support Li and his management team on this transaction, as we continue to support the UK’s fastest growing businesses. Biosite is an exceptional fast growth business, as recognised in the Sunday Times Tech Track 100, run by an exceptional management team and we look forward to seeing the business thrive during its next growth phase with support from ASSA ABLOY.”

PwC also provided tax support, led by Dan Packwood.

Browne Jacobson provided sell side legal advice.