Mobysoft secures investment, from ECI, to fuel growth and development
Mobysoft has secured funding from ECI Partners, the leading growth-focused mid-market private equity firm, to help further accelerate its growth and product development in the social housing sector. Livingbridge, who first invested in Mobysoft in 2017, have also reinvested.
RentSense, Mobysoft’s flagship solution is used by over 140 social landlords, representing around 32% of the sector. The investment by ECI will help Mobysoft develop other predictive analytical solutions for social housing providers whilst also further optimising landlords’ returns with RentSense, as Alexander Karle, CEO of Mobysoft, explains.
“We are delighted to partner with ECI to deliver future growth for the business and further support social housing providers and their tenants. For Mobysoft and our customers, this partnership means that we will accelerate investment into new products and services while continuing to strengthen our existing products. ECI has a strong track record supporting fast-growing software businesses and we are excited about the opportunity ahead. We’d also like to thank Livingbridge for their partnership over the last 3 years and look forward to their continued support.”
Derek Steele, Founder and Chief Innovation Officer at Mobysoft said:
“The next phase of investment with ECI will further strengthen our products and organisation. We will further expand our team and invest in predictive analytics solutions that support social housing providers in delivering efficiencies and providing services to the communities they serve.”
Stephen Roberts, Investment Director at ECI, said:
“We are delighted to be partnering with Alex, Derek and the team. Mobysoft is a market leading software business at an exciting stage of its development, led by an ambitious and high-calibre management team. We are looking forward to working with the business to help deliver the next phase of growth.”
Simon Hollingsworth, Investment Director at Livingbridge, said: “We are thrilled with how Mobysoft has developed since our investment less than three years ago. Mobysoft has gone from strength to strength and is in a tremendous position to continue its growth journey, led by an outstanding management team. We are therefore happy to announce that we will be continuing our partnership with the business by reinvesting into Mobysoft alongside the new investor, ECI.”
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Mobysoft helps deliver time and cost saving solutions, which create tangible ROI for the Social Housing sector, including its RentSense application which is a cloud based predictive analytic solution that optimises front line income management workload.
The software helps over 145 housing organisations maximise income, create efficiencies and mitigate welfare reform. On average customers achieve a 15.8% arrears reduction in the first year as well as an average efficiency saving of 32%.