MMC scores 11x return on TotalMobile exit to Lyceum

Financial details surrounding the transaction remain undisclosed. However, MMC stated the exit had enable it to return 11x money to its investors.

The venture firm first backed TotalMobile (then known as Consilium) in 2001.

Lyceum declined to comment on the stake it secured. It is currently deploying its £330m third fund and usually targets equity tickets of £5-50m.

This marks a second deal for the GP in the space of a few days, following a growth capital injection into Style Research, a UK-based provider of investment research and portfolio analysis applications.

Company
Established in the 1980s, TotalMobile develops enterprise mobility software, catering to 200 organisations in the public and private sectors. Headquartered in Belfast, the business employs 150 staff across the UK and generates turnover of around £15m.

People
Martin Wygas, Geoff Neville and Tom Keen worked on the deal for Lyceum. The former two will join the company's board following the investment. MMC was represented by Jon Coker.

Advisers
Equity – Smith Square Partners (Corporate finance); EY (Commercial due diligence); Pinsent Masons (Legal); PwC (Financial due diligence).
Company – Altium (Corporate finance); Tughans (Legal); KPMG (Financial due diligence, tax).

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• Topics
• Buyouts
• Technology
• UK / Ireland
• United Kingdom
• Horizon Capital (formerly Lyceum Capital)
• MMC Ventures
• Secondary buyout