Mobysoft has secured a substantial funding investment from mid-market private equity firm Livingbridge and appointed Ken Briddon as its new chair. Mobysoft, a Manchester-based software business, supplies a predictive analytical solution, called RentSense, exclusively to the social housing sector, which helps social landlords protect revenues and mitigate bad debt, by predicting which tenants will and won’t pay their rent. In 2015/16 RentSense helped their customers reduce their rent arrears by c£29m.
James commented: "We have worked with Derek and his team for a number of years now as they have built Mobysoft’s business, helping them take care of the day-to-day legal issues that need managing in any high growth SaaS business. It is always great to see high calibre investors like LivingBridge recognise the quality of a business like Mobysoft and to back the next phase of its growth. From a pure transaction perspective, this deal was brilliantly planned and executed – a credit to all concerned at Mobysoft, our co -advisers GCA Altium and the TP team."
This undisclosed investment will enable Mobysoft to develop other predictive software solutions for the social housing sector, that the business has already begun to scope out, that will be designed to deliver significant savings and efficiencies to organisations within the industry.
Founder and Chief Executive of Mobysoft, Derek Steele, explained the reasoning behind the investment.
“We are delighted to be working with Livingbridge. 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. It will enable Mobysoft to scale rapidly in terms of development and bring to market other solutions to a sector that we are already recognised within.”
Nick Holder at Livingbridge, said: “Having known Derek and his team for a number of years now, we are delighted to partner with them. 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.”
Coinciding with the investment is the appointment of Ken Briddon as chair. Ken has worked for IT and software businesses for over 40 years’, including heading up PLC’s, as well as over 16 years’ experience of chairmanships and non-executive directorships of private equity backed software and services businesses
Founder and Chief Executive of Mobysoft, Derek Steele, explained the reasoning behind the appointment.
“We are delighted to appoint Ken as chairman. His experience will be invaluable for the senior management team at Mobysoft, as we look to continue Mobysoft’s growth whilst also introduce other solutions to the social housing sector.”
John Leach, Mobysoft’s current non-executive director, will step down as part of the re-shuffle of the board.
“I would like to extend the businesses gratitude to John, who has been on the board at Mobysoft since 2013. In that time there has been sustained growth within the business as revenues have nearly quadrupled. On a personal level I would like to offer my thanks to John for his advice and guidance over such a successful period for the business.”