Totalmobile, the UK’s leading Field Service Management (FSM) software provider, today announces that after five successful years in partnership with Horizon Capital, it has secured a major investment from Bowmark Capital LLP to accelerate its investment in R&D, organic growth and further acquisitions.
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“It’s been an absolute pleasure working alongside Jim, Mark and the wider Totalmobile team over the past few years. We’re delighted to have helped guide the business through a complete transformation into one of the UK’s leading software businesses and wish everyone well on the next stage of the journey”
After a number of transformative years which have seen Totalmobile transition to a Software as a Services (SaaS) business model, significantly increase revenues (of which 70% are now recurring) and complete four highly successful, complementary product acquisitions, Totalmobile has established itself as the leading independent provider of FSM software in the UK. Now with over 700 customers and 250,000 mobile-workforce users, Totalmobile’s technology is used to increase field-based, workforce capacity, deliver operational cost savings, enhance compliance assurance and improve end-customer service quality in the Public Services (Government, Local Authorities, Health and Emergency Services), Property, Facilities Management, Transport and Infrastructure markets.
The business recently reported a growth of 70% in FY2019 and has continued to perform strongly during FY2020, forecasting £26M of revenues to December FY2020, despite the Global Pandemic.
Totalmobile’s new partnership with Bowmark Capital provides significant new capital for further investment which will enable Totalmobile to accelerate its already significant growth and realise its ambitious future plans, under the leadership of CEO, Jim Darragh. With additional investment focused on R&D, sales and marketing and larger-scale acquisitions, Totalmobile aims to continue to establish itself as the UK market leader by entering new verticals and enhancing its already highly acknowledged FSM product offering.
Bowmark Capital is a leading private equity firm that specialises in UK growth companies. Bowmark’s investment marks an exit for Horizon Capital LLP, which, very successfully, has supported and guided Totalmobile’s transformation since its investment in the company in 2015.
Jim Darragh, CEO, Totalmobile commented, “I am nothing more than 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 a significant runway ahead of us, and to have attracted such a significant investment from one of the UK’s most well-respected private equity firms – Bowmark Capital – validates my pride and excitement for the future. Four years ago we set out to become the leaders in our market, known for our incredible products, dedicated people and a clear strategy of growing both organically and via acquisitions. We now sit as the undisputed, premium provider of Field Service Management software in the UK. I would like to thank Horizon Capital for all the support that they have provided to help us reach this stage. Now we turn our attention towards what promises to be an exciting future as we grow Totalmobile into a World-leading organisation.”
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Mark Rogerson, Chairman, Totalmobile commented, “The evolution of Totalmobile from a small, founder-owned business some five years ago, to being one of the UK’s fastest growing, profitable and complete end-to-end FSM software solutions, can go down as one of UK PLC’s best business and innovation success stories. In all aspects, Jim and the team have excelled through clear thinking, great people and delivering product and customer excellence. The future potential of the global FSM market is unbounded and given macro-economic conditions, this can only develop further and that is very exciting for everyone with Bowmark Capital now alongside us. During our journey, Horizon Capital has been an outstanding and supportive investor, and we would all like to thank them for their support. None of these new investment processes would be possible without the support of our advisors: Deloitte, Pinsent Mason, Graph Strategy and Burness Paul who we thank also for their outstanding support”.
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 leadership, 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, as they build on their considerable achievements to date.”
Jeremy Hand, Chairman, Horizon Capital commented, “It’s been an absolute pleasure working alongside Jim, Mark and the wider Totalmobile team over the past few years. We’re delighted to have helped guide the business through a complete transformation into one of the UK’s leading software businesses and wish everyone well on the next stage of the journey”
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