London-headquartered mid-market private equity firm Bowmark Capital has backed the buy-out of Totalmobile, a UK field service management software provider.
Totalmobile has more than 700 customers and 250,000 mobile-workforce users across the public services, property, facilities management, transport and infrastructure sectors.
Its technology is used to: increase field-based workforce capacity; deliver operational cost savings; enhance compliance assurance; and improve end-customer service quality.
Since 2018, Totalmobile’s revenues have increased by more than 45 per cent per annum.
As part of the transaction, additional funding of more than £100 million is being made available to accelerate the company’s successful acquisition programme.
Bowmark partner Stephen Delaney said: “We have followed Totalmobile’s progress for a number of years and been highly impressed by the evolution of its business model, its innovation, and its strong record of recurring revenue growth. We believe the company is uniquely positioned to capitalise on increasing customer demand in the field services market, and are delighted to have the opportunity to support Jim Darragh and the team in the next stage of growth.”
Totalmobile’s chief executive Jim Darragh added: “I am proud and delighted to have led Totalmobile over the past four years and to see our great team of people build, deliver, expand, and evolve the business into the market-leader it is today. We still have significant runway ahead of us, and to have attracted investment from one of the UK’s most well-respected private equity firms - Bowmark Capital – validates my pride and excitement for the future.”
Stephenson Harwood LLP advised Bowmark Capital. The Stephenson Harwood team was led by private equity partners Jonathan Pittal and Adam Crossley, with support from banking partner Daniel Margolis.