A provider of biometric access control and software-based workforce management systems
Biosite empowers clients in the construction industry to oversee all aspects of a project via its unique fingerprint algorithm and its workforce management software, including integrated CCTV, fire alarms and guarding.
The Original Deal
In 2016 Mobeus identified Biosite through its direct origination programme 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 led to Biosite offering Enterprise software, meaning customers now purchase hardware, software and services together, allowing total oversight of projects across the whole company.
Mobeus exited Biosite in a sale to Assa Abloy, the global leader in access solutions, which owns the Chubb and Yale brands.
Biosite grew annual revenues from £4.5 million to £14 million and staff from 50 to 180 people during the investment period, and generated significant profitability. The sale achieved a 21% IRR and a Money Multiple of 1.5x.
“Harnessing powerful data and creating insight from it will help transform how construction sites are managed. Biosite are proud to be supporting DTL, helping to make the use of digital technologies more widespread within UK construction.”
Nick Hickman, Biosite Systems Head of Marketing