Manchester software firm backed by private equity house Livingbridge

Software company Mobysoft has secured a minority investment from private equity house Livingbridge.

The Manchester-based firm, a provider of predictive analytics software for the UK’s social housing market, was advised on the deal by investment bank GCA Altium.

Mobysoft’s core offering, RentSense, was created to help social housing landlords more efficiently manage the arrears collection process.

The software uses a range of data, including historical trends, to produce algorithms that flag potential issues to social housing officers, saving them time and cutting arrears by tens of millions of pounds annually.

Today, 80 social housing operators managing around 900k properties – nearly one-fifth of the UK’s housing stock – use RentSense.

Mobysoft CEO Derek Steele, who founded the company in 2003, commented: “This investment is fantastic news for Mobysoft, our staff and clients.

“As social housing continues to grow and cost pressures increase for providers, our software helps tackle rental arrears and delivers vital cost savings. Livingbridge has strong experience in helping businesses like Mobysoft and I look forward to working with them to take us to the next stage of growth.”

A team from GCA Altium’s Manchester office, led by MD Adrian Reed, director Dom Orsini and analyst Matt Furness, advised Mobysoft’s shareholders on the transaction.

Adrian Reed said: “We are delighted for Derek and his team. Mobysoft is an innovative business within its sector that has attracted a huge amount of interest and the deal represents a fantastic result for all involved.

“I’m certain that with Livingbridge’s backing, Mobysoft will go on to enjoy even greater success.”