Beringea Invests $4.25 Million in UK Software Business
Farmington Hills-based Beringea said Thursday that it had invested $4.25 million (£2.65 million) in software company MatsSoft. The investment will come from Beringea’s London office and is intended to accelerate the company’s growth and international expansion.
MatsSoft provides Web-based workflow and communications software. The software, marketed as MATS, as well as under other brand names by various resellers, includes a comprehensive management information suite and configuration tools. This allows companies and organizations to drive efficiency gains, cost reductions and service improvements across a whole host of business processes, including case management, customer service, logistics, remote customer or patient management, complaints handling and supply chain management.
To date, the company has developed a presence and high quality customer list in business sectors including financial services and health care. MatsSoft works globally with partners and resellers, from multinational telecommunications companies to smaller specialist organizations with expertise in niche market sectors.
Trevor Hope, chief investment officer at Beringea, led the deal and will be joining the MatsSoft board.
“After significant development, MatsSoft has a core software engine which can be applied to, and benefit from, growing trends and adoption of SaaS models, flexible process management systems, digital communication with customers and telemedicine,” Hope said. “I am really looking forward to working with the experienced management team and helping them grow this innovative business domestically and internationally.”
Said Martin Scovell, MatsSoft CEO: “Over the past three years MatsSoft has grown to be a successful and profitable business with international blue chip clients. We now need to take that growth to the next level so that our resellers and partners can take full advantage of our great potential to deliver proven and innovative solutions in workflow, management information delivery and customer communications. We investigated a number of investors, seeking a partner with a multi-national footprint and a track record in our key growth sectors, which include finance and health care, and we decided that Beringea will add genuine value in excess of any financial investment. They are good people to work with and we look forward to growing the business with them.”
Beringea has more than 70 portfolio companies in the U.S. and U.K. and more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products.
Beringea is the manager of funds, including the InvestMichigan Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts.
More at www.beringea.com.