Field service management (FSM) software provider Totalmobile has won a major investment from Bowmark Capital LLP to invest in research and development, organic growth and more acquisitions.
After a number of “transformative years” which have seen Totalmobile transition to a Software as a Services (SaaS) business model, the company has established itself as the leading independent provider of FSM software in the UK, with more than 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 customer service quality in the public sector (central government, local authorities, health and emergency services), and commercial property, facilities management, transport and infrastructure markets.
The business, which was formerly in partnership with Horizon Capital, grew by 70 per cent in 2019 and, despite the global pandemic, has continued to perform strongly this year, and is forecasting £26 million in revenues for the year ending in December.
Totalmobile said its fresh partnership with Bowmark Capital provides significant new capital for further investment to enable it to accelerate growth and realise its ambitious 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 FSM product offering.
Bowmark Capital is a leading private equity firm specialising in UK growth companies. Its investment marks an exit for Horizon Capital LLP, which has supported and guided Totalmobile’s transformation since its investment in the company in 2015.
Mark Rogerson, chairman of Totalmobile, said: “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.
“The future potential of the global FSM market is unbounded and given macroeconomic conditions, this can only develop further and that is very exciting for everyone with Bowmark Capital now alongside us.”