MMC Ventures makes “11 times return” following TotalMobile exit
Deal comes as Belfast-based software company secures funding from new investors Lyceum Capital
UK venture capital (VC) firm MMC Ventures has announced its exit from enterprise mobility software company TotalMobile following investment from new investors Lyceum Capital.
Belfast-based TotalMobile provides software to help healthcare organisations, local governments and industry manage their mobile workforces through an app which aims to improve efficiency and reduce costs.
The company, which works with clients including Fife and Nottinghamshire Councils and Bristol Community Health, provides software to more than 30,000 workers in over 200 organisations and reports annual revenue of £15m.
The software firm will use the investment to fuel product development, and to enhance its Software as a Service (SaaS) proposition, as well as expanding its market presence in Britain and overseas.
According to MMC, the deal represents an impressive 11 times return on investment.
Colin Reid, chief executive of TotalMobile, commented:
“With a growing imperative to drive cost savings in local government, and the continuing trend of mobile working in the private sector, we have the perfect platform to position TotalMobile for growth as the market’s first choice for customer-focused enterprise mobility software.
“Partnering with a firm like Lyceum, gives us the strategic, operational and financial support we need to achieve scale in a high growth market.”
MMC Ventures, Jon Coker, continued: “Total Mobile have built a great company offering a globally leading product that helps solve a huge problem. They have done this while fostering a fantastic culture, which comes across in everything they do.
“It is exactly the type of company MMC looks to invest in. We would like to thank them for the years of hard work and we look forward to watching their continued success.”