Mobeus locks up trade sale of Biosite to Assa Abloy of Sweden
Mobeus has exited Biosite, a leading solutions provider of biometric access control and workforce management software for the UK construction industry, in a sale to Assa Abloy, the global leader in access solutions, which owns the Chubb and Yale brands.
Biosite’s unique fingerprint algorithm and its workforce management software, including integrated CCTV, fire alarms and guarding, empower clients in the construction industry to oversee all aspects of a project.
Mobeus identified Biosite through its direct origination programme in 2016 and invested a total of £5.75m to accelerate growth, build out the management team and allow it to focus on product innovation. Ultimately this has led to Biosite offering Enterprise software, meaning customers now purchase hardware, software and services together, allowing total oversight of projects across the whole company.
Biosite has grown annual revenues from £4.5 million to £14 million and staff from 50 to 180 people during the investment period, and generates significant profitability.
Amit Hindocha, Mobeus Investment Partner, added, “It’s been a privilege to work with Li and the team to help Biosite achieve its ambition to become the complete site management tool of choice for the construction industry. We are very pleased the team has found such a great fit with Assa Abloy and are confident they will continue to deliver on the next stage of their growth journey.”
10 February 2020
“The experience of working with Mobeus has been first class. Throughout the journey they have been very supportive in terms of operational and funding requirements, enabling us to build out the management team and focus on R&D, so we can provide best-in-class products and services into the marketplace.”
Li Wang, Managing Director of Biosite