The Business
Access’s innovative, miniaturised devices, such as passport and ticket readers, enable the world’s population to move around the planet and access services quickly, safely and securely; a challenge the current pandemic has made even more critical to resolve. Its engineers use advanced technologies in new ways, combining document imaging, barcode reading, NFC and RFID decoding, and contactless payments. As a result, Access is trusted by some of the world’s biggest brands, its hardware is present in more than 200 airports and over 100 million transactions are conducted daily through Access devices.
The Original Deal
We invested £11 million into Access-IS, investing alongside management for a significant minority stake. Our investment has been used to support the business’s further development into new verticals, such as ID and security, including providing solutions to global ATM suppliers, and to further expand its transport and ticketing solutions. In addition significant investment has gone into restructuring Access’s back office and infrastructure to ensure it’s able to deliver on its ambitious growth plans.
The Realisation
In 2020, Mobeus realised its investment in Access in a sale to HID Corporation Ltd. a subsidiary of ASSA ABLOY, the global leader in access solutions, which owns the Chubb and Yale brands.
The Impact
Since Mobeus’s investment in 2015, Access delivered consistent year on year growth, nearly doubling revenue from £11.5m to over £19m in 2019. The business also professionalised its operations and substantially increased its production capacity.
The sale results in total cash proceeds for the Mobeus-advised VCTs of £27.8m, representing a 2.5x money multiple on original cost of £11.0m and an overall IRR of 23.4%.
