Livingbridge backs Mobysoft

Financial details of the transaction remain undisclosed, though the GP drew capital from Livingbridge Enterprise 2, which typically invests £5-15m.

The investment will enable Mobysoft to invest in HR and recruitment, as well as expand the use of its predictive analytics tool into other areas of social housing.

According to a statement, there is an increasing demand for Mobysoft's products due to welfare reforms such the introduction of universal credit in the UK, which has increased cost pressures within the social housing sector.

As part of the deal, Mobysoft has appointed former Misys divisional managing director and JBA Holdings CEO Ken Briddon as chairperson.

Company
Founded in 2003, Manchester-headquartered Mobysoft provides administration software for social housing landlords. Its RentSense platform uses predictive analytics to produce workload information and improve efficiency in rent collection, thus enabling social landlords to mitigate welfare reform and reduce arrears.

Its products are used by 91 social housing operators managing around 1 million properties. The company has a headcount of 32.

People
Livingbridge – Nick Holder (investment director); Charlie Ross (investment team member); Pete Clarke (partner).
Mobysoft – Derek Steele (founder, CEO).

Advisers
Equity – GCA Altium, Adrian Reed, Dom Orsini, Matt Furness (corporate finance); Pannone, Tim Hamilton, Arshnoor Amershi (legal); PwC, Simon Viner, Usman Choudhary (tax); BDO, Chris Heatlie (financial due diligence); Fairgrove (commercial due diligence); Grant Thornton, Ven Balakrishnan (commercial due diligence); Intechnica (IT due diligence).
Vendor – Turner Parkinson, James Sheridan, David Hayes, Luke Philpott, Matt Hitchen (legal); Grant Thornton, John Loebl, Matt Allen (tax).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Livingbridge