Unquote

Livingbridge sells Mobysoft to ECI

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Livingbridge has sold predictive analytics provider Mobysoft to ECI Partners.

ECI is currently investing from ECI 11, which closed on £700m in July 2018. It was 30% deployed as of March 2020 and writes average equity tickets of £45m per deal. It typically invests in companies with enterprise values of up to £250m.

The company will invest in new products and services following the transaction.

Mobysoft agreed to draw down the entirety of its £1m revolving credit facility on 1 April 2020 to secure sufficient headroom in the event that the coronavirus crisis continued for an extended period.

Livingbridge began preparations to exit the company in July 2020, in a GCA Altium-led auction process.

The company was part of Livingbridge Enterprise 2, which closed on £220m in 2015. During the firm's holding period, the company invested in recruitment and extended the use of its platform into more areas of social housing. The company also expanded its management team to include a customer success director, a CFO, a chief information officer, formerly of laterooms.com, and a former Callcredit chief data officer as non-executive director.

Previous funding
Livingbridge acquired a minority stake in the company in October 2019.

Company
Mobysoft's flagship product, Rentsense, processes payment patterns for more than 1.7 million social housing properties each week. The software uses cloud-based predictive analytics to provide recommendations and adapt workflows for 140 social housing providers, according to a statement. It was founded in 2003 and employs 45 people. 

Mobysoft has EBITDA of £7-9m, according to a report by Unquote sister publication Mergermarket.

People
ECI Partners – Stephen Roberts (investment director).
Mobysoft – Alexander Karle (CEO).

Advisers
Vendor – Clearwater International (corporate finance).
Company – GCA Altium (corporate finance).

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