Francisco Partners sells Lumata to Evolving Systems

The sale ends a six-year holding period for Francisco Partners, which acquired a 70% stake in the company in 2011.

Digital strategist and corporate venture capital investor Buongiorno took the remaining 30% in the original transaction.

Acquirer Evolving Systems focuses on customer relationship management and sees the widespread adoption of mobiles as an important transformation in the sector. The acquisition of Lumata strengthens its mobile offering.

Lumata generates €50m in turnover and employs 500 people, according to Francisco's website.

Evolving Systems operates in 66 countries worldwide and reported revenues of $24.8m in 2016.

Previous funding
In November 2011, Francisco and Buongiorno wholly acquired Lumata for an undisclosed amount. Francisco and Buongiorno took 70% and 30% stakes in the company respectively.

Company
Founded in 2011 and headquartered in London, Lumata operates as a business-to-business mobile marketing and advertising company that provides a link for operators, brands and hardware manufacturers to engage with their customers through the mobile channel. Its clients include Orange, T-Mobile and Telefonica.

People
Evolving Systems – Thomas Thekkethala (CEO).
Lumata – Adhish Kulkarni, Mo Firouzabadian (co-CEOs).

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• Exits
• UK / Ireland
• Consumer
• Trade sale
• Francisco Partners
• United Kingdom