TotalMobile to use its new backer's millions to grow market presence
Northern Ireland software firm TotalMobile has won investment worth millions of pounds from new backers Lyceum Capital.
The Belfast-based business, formerly known as Consilium Technologies, said it would use the funding to develop new products and expand its market presence.
TotalMobile employs 150 people in developing enterprise mobility software, which is used by 30,000 workers in companies and public sector organisations.
The exact sum ploughed in has not been revealed but Lyceum usually makes investments of between £5m and £50m.
The cash injection has brought about the exit of former backers MMC Ventures, and comes after TotalMobile published results showing turnover of £11.5m, up from £9.69m.
Pre-tax profit also increased from £1.06m to £2.04m during 2014.
The business has big customers in local government and healthcare, such as Fife Council, Nottinghamshire County Council, Bristol Community Health and Virgin Care.
In the private sector, customers include Allianz Engineering and civil engineering giant Clancy Docwra.
Martin Wygas, investment director at Lyceum Capital, alongside Geoff Neville, Lyceum's operations and development partner, have now joined the board.
The company is led by chief executive Colin Reid, who said: "Partnering with a firm like Lyceum, and bringing individuals like Geoff and Martin onto our board, gives us the strategic, operational and financial support we need to achieve scale in a high growth market.
"Lyceum has an excellent track record of growing successful global technology firms, which makes them the ideal partner."
And he said the continued trend of mobile working in the private sector and the impact of the NHS' Five Year Forward View in Great Britain - which covers pressures on the service such as how it will adapt to technology - were all helping to position TotalMobile for growth.
"We have the perfect platform to position TotalMobile for growth as the market's first choice for customer-focused enterprise mobility software," he added.
"I'd also like to thank MMC Ventures for its support over the years, which has helped us build an excellent platform for continued expansion."
Other Lyceum portfolio firms include food company EAT and care companies Carewatch and Sequence Care.
TotalMobile was advised by Altium for corporate finance, Tughans for the legal side and KPMG for finance and taxation.
The Belfast office of international law firm Pinsent Masons acted for Lyceum Capital in the deal. Its corporate partner Hilary Griffith said there was potential for more activity in the technology sector.
"Investors are well aware of the quality and innovation of our technology sector, and we expect Northern Ireland to attract increased attention from private equity houses," she said.
"In terms of private equity investment in the region, this was a significant deal.
"Backed up by the strength of our international experience, we were pleased to play a central role from the Belfast office."