Mitrefinch are happy to announce that we have secured an equity investment of more than £20m from LDC to support our UK, Europe and international expansion.
The investment, part of a management buyout led by CEO Debbie Guppy, will see LDC become a significant shareholder in the company, alongside additional members of the management team.
Our customers include small and medium sized firms (SMEs), mid and large corporates, public bodies, charities and universities, with brands such as L’Oreal, Nestle, Amec Foster Wheeler, DFS, the Forestry Commission and the University of Leicester.
Human Capital Management (HCM) software is a $1.8bn global market that is estimated to be growing at more than 10% per annum. Mitrefinch’s revenues have grown 50% over the last three years.
Following LDC’s investment, we plan to expand its nascent overseas business in Canada, the US and Australia, as well as developing new and existing relationships in its more established UK business.
We also plan to commit significant investment to new product development to continue expanding and improving our suite of products, including software as a service (SaaS) offering and our rostering product suite.
Debbie Guppy, CEO of Mitrefinch, said: “This is an important step for the business and an exciting time for our staff and customers. From the outset, LDC saw the potential in the business and bought into our vision as a management team. Their approach, track record and sector expertise gave us the confidence they were the right long-term investment partner to help us deliver our ambition for the business – to be the leading provider of integrated, SaaS-based human capital management software in the market with a growing and global customer base.”
Richard Ibbett, Investment Director at LDC, said: “Debbie and the team have built an enviable market position for Mitrefinch, with a high-performing suite of integrated products and a loyal, fast-growing customer base. With significant additional capital to invest in the business, a high quality team and a clear growth strategy, it has a real opportunity to achieve a dominant position in a growing, consolidating and globalising marketplace.”