MMC Ventures exits from TotalMobile, developer of enterprise mobility software, representing a 11x return for investors
MMC Ventures, the award-winning venture capital firm, has announced its exit from portfolio company, TotalMobile, the leading developer of enterprise mobility software. The sale comes in connection with a significant investment from growth investors Lyceum Capital to fund further product development and expand TotalMobile’s market presence within the UK and internationally.
Since MMC first invested TotalMobile has developed a market-leading position in local government and healthcare, where its customers include Fife Council, Nottinghamshire County Council, Bristol Community Health and Virgin Care. It has also recently expanded further into the private sector across utilities, engineering and facilities management, with customers such as Allianz Engineering and Clancy Docwra.
The Belfast-based business, whose software is used by over 30,000 workers in more than 200 organisations, has grown quickly over the past four years to become a leading player in the enterprise mobility market with revenues of £15m.
TotalMobile’s success has been driven by accelerating usage of mobile devices and the growing trend towards mobile working, as more and more organisations across the public and private sectors adopt agile working practices in order to improve processes and to retain and attract talent. The UK’s mobile workforce population is estimated to be 4.1m, with related annual IT spend at £4.5bn.
The investment by Lyceum will enable the company to accelerate its new product development – including additional functionality and an enhanced SaaS proposition – as well as expanding into new vertical sectors and overseas markets through its partnership channel.
This deal provides an exit for MMC and represents a 11x return for their investors.
Jon Coker, Partner at MMC Ventures and Non-Executive Director at TotalMobile, said: “Total Mobile have built a great company offering a globally leading product that helps solve a huge problem. They have done this while fostering a fantastic culture, which comes across in everything they do. It is exactly the type of company MMC looks to invest in. It has been a pleasure to work with Colin, Ronnie, Geoff, Gareth and Michael. We would like to thank them for the years of hard work and we look forward to watching their continued success.”
Colin Reid, Chief Executive of TotalMobile, said: “I’d like to thank MMC Ventures for its strong support and valued input over the years. MMC backed TotalMobile from an early stage and their continued belief in the team has helped us build our business, now we have an excellent platform for continued expansion. I cannot speak highly enough of them as an investor partner and would strongly recommend them to any growth company seeking venture funding.
With a growing imperative to drive cost savings in local government, and the continuing trend of mobile working in the private sector, we have the perfect platform to position TotalMobile for growth as the market’s first choice for customer-focused enterprise mobility software. Partnering with a firm like Lyceum, gives us the strategic, operational and financial support we need to achieve scale in a high growth market.”
Martin Wygas, Investment Director at Lyceum Capital said: “TotalMobile is a classic software success story, whose growth has been driven by a dedication to customer-focused design. This has given the business a genuine point of difference, resulting in impressive growth. We see enormous opportunity to develop further their world-class software business in the social, mobile, analytics and cloud (SMAC) market over the coming years working alongside a first-class management team.”
About MMC Ventures
Founded in 2000, MMC Ventures is one of the most active venture capital investors in the UK, focused on technology-enabled sectors where the UK is a world leader – particularly financial and business services, business software, digital media and e-commerce. With over £135 million under management, and investing circa £20 million annually, MMC have been ranked as one of most active early-stage UK investors for 2012, 2013, 2014 and H1 2015.
MMC’s existing portfolio includes Bloom & Wild, CloudSense, Gousto, Growth Intelligence, Interactive Investor, Love Home Swap, Masabi, NewVoiceMedia, Pact, Reevoo, Safeguard, Sky-Futures, Small World, Somo and Tyres on the Drive.
Source: MMC Ventures Press Release