Sumeru acquires MDSL

Following the deal, the GP will merge MDSL with Phoenix-based portfolio company Telesoft, which it acquired in August 2016. The new group will operate under the MDSL brand and will have a software-as-a-service division dedicated to global businesses and a US division offering on-premises services and infrastructure.

Sumeru invests $25-200m for minority or controlling stakes in businesses that generate more than $10m in revenues.

As part of the agreement, Sumeru managing directors George Kadifa and Sanjeet Mitra will take seats on the MDSL board of directors.

Company
Founded in 1995 and headquartered in Tunbridge Wells, MDSL is a provider of expenses management software for businesses. The company's platforms provide data analysis of expenses and usage related to IT systems, telecommunication systems and market data processes. MDSL has additional offices in New York, Orlando, London, Paris, Gothenburg, Hong Kong, Macau and Tokyo and serves customers across 34 countries.

According to publicly available records, MDSL generated revenues of £19.4m in 2016 with an operating profit of £2.4m.

People
Sumeru Equity Partners - George Kadifa, Sanjeet Mitra (managing directors).
MDSL - Ben Mendoza (chairperson); Charles Layne (CEO).

Advisers
Company - Smith & Williamson (corporate finance).
Equity - Mooreland Partners (corporate finance).

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