Software firm bags 'substantial' private equity investment
Social housing software firm Mobysoft has secured a substantial investment from private equity firm Livingbridge and appointed a new chairman.
The Manchester-based firm is behind a predictive analytical solution called RentSense, which it supplies exclusively to the social housing sector. The software helps social landlords protect revenues and mitigate bad debt by predicting which tenants will and won't pay their rent.
The undisclosed investment from Livingbridge will enable Mobysoft to grow further by developing other predictive software solutions for the sector.
Founder and chief executive Derek Steele said: “Mobysoft has grown rapidly over the last few years, as more landlords chose to deploy RentSense. This investment will enable us to bring to market other complementary software solutions, based on predictive analytics, that can help social landlords deliver further significant efficiencies.
“It will enable Mobysoft to scale rapidly in terms of development and bring to market other solutions to a sector that we are already recognised within.”
Nick Holder at Livingbridge added: "Mobysoft already has a strong market position and great growth potential, in a sector Livingbridge knows well.
"With the perfect combination of sector-leading software, an entrepreneurial management team and the capital to pursue its growth ambitions, this is an incredibly exciting opportunity.”
Coinciding with the investment is the appointment of Ken Briddon as chairman.
He has worked for IT and software businesses for more than 40 years, including heading up PLCs, as well as over 16 years of experience of chairmanships and non-executive directorships of private equity-backed software and services businesses.
Steele added: “We are delighted to appoint Ken as chairman. His experience will be invaluable for the senior management team at Mobysoft, as we look to continue Mobysoft’s growth whilst also introduce other solutions to the social housing sector.”
John Leach, Mobysoft’s current non-executive director, will step down as part of the board's reshuffle.