Mobeus scores 2.9x on Tessella exit

The deal does not include Tessella's data archiving business Preservica, which has been carved out and will be retained by Tessella's existing shareholders, including Mobeus.

Previous funding
Mobeus first backed Tessella in 2012, investing £5.6m in a combined debt and equity package to support the company's £16.7m management buyout. Since then, Tessella's revenues have increased 43% from £18.5m in 2012 to £26.5m forecast for the current financial year.

Company
Founded in 1980 and based in Oxfordshire, Tessella provides analytics, software and consulting services. Projects it has worked on include increasing productivity for the development of new medicines; designing satellites to observe the universe; and minimising risk for workers in harsh and dangerous conditions.

The company opened its first overseas office in the Netherlands in 2001, and later set up three offices in the US, in Boston, Houston and Washington, DC.

People
Guy Blackburn is a director at Mobeus. Alan Gaby is CEO of Tessella.

Advisers
Vendor – Livingstone Guarantee, Daniel Domberger (Corporate finance); Nabarro, John Finnemore (Legal).

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• Exits
• UK / Ireland
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• Mobeus Equity Partners