Mitrefinch, a York, UK-based developer of human capital management (HCM) software, secured an equity investment of more than £20m.
LDC made the investment, which was part of a management buyout led by CEO Debbie Guppy. LDC will become a shareholder in the company, alongside additional members of the management team. In conjunction with the deal, Richard Ibbett, Investment Director at LDC, and Jonathan Bell, Director and Co-Head of LDC in Manchester, will join the board as Non-Executive Directors.
Debt facilities supporting the deal were provided by Silicon Valley Bank (Emma Stephens and Darren Davidson).
The company will use the proceeds to grow its nascent overseas business in Canada, the US and Australia, as well as developing new and existing relationships in its more established UK business, and to continue expanding its suite of products, including its software as a service (SaaS) offering and its rostering product.
Mitrefinch provides an integrated suite of HCM software spanning time and attendance, rostering, HR and payroll. Its products are used by more than 3,500 organizations. 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.
Mitrefinch has revenues of £15m.
A team at GCA Altium, led by managing director Adrian Reed, director Dom Orsini and associate Jon Stead, advised the shareholders of Mitrefinch on the deal. Squire Patton Boggs (Steven Glover, Jayne Aarons and Victoria Kierans) and Forbes Dawson provided the shareholders with legal and tax advice.