New Private Equity Investor for Transportation Management Software Company | Northeast
A transportation management software provider has secured a new investment from mid-sized tech investor Tenzing in a deal that offers an exit to LDC.
Mandata has developed software that enables UK transport and transport companies to manage workflow and data more efficiently, with products such as traffic planning and management, tracking, telematics and invoicing.
The company employs 120 people in its offices in Newcastle, Leeds, London and Leicestershire. It supports approximately 2,000 customers with compliance, improved productivity, efficiency savings, reduced carbon emissions and provides real-time visibility into their operations.
LDC supported Mandata’s growth through acquisition strategy, working alongside the management team to complete two major acquisitions. In 2020, the company provided follow-on funding to support the acquisition of Returnloads.net, and in 2021, Mandata completed the acquisition of Stirling Solutions.
During this three-year partnership, LDC also helped the company invest in new product development, improve its sales capabilities, and transition to a software as a service provider.
Tenzing now supports the Mandata management team, led by Managing Director Chris Rigg.
The company will be able to opt for the support of Tenzing’s growth team, made up of its panel of entrepreneurs, Sherpas, experts in the field and directors of acquisitions.
Chris Rigg, Managing Director of Mandata, said: âWe have made great strides with the support of LDC and are well positioned to maximize our potential going forward. It was essential for us to find the right partner capable of supporting the achievement of our strategic goals and I am delighted to partner with Tenzing for the next phase of our growth. Their experience and expertise with high growth software companies like Mandata will be invaluable to us.
Guy Gillon, co-founder and co-manager of Tenzing, added: âMandata’s mission-critical software has never been more important to the supply chain. We’re excited to be working with Chris and the team to build on the strong foundations already in place, including a 94% customer retention rate among his top TMS customers and double-digit revenue growth.
âThere is a lot of potential in Mandata’s niche and we will take full advantage of our growth team to help Chris and his team achieve our shared vision. “
Gareth Marshall, Head of LDC North East, added, âWe are proud to have helped an exciting North East company grow by supporting strategic acquisitions and investing in its operations. With its ambitious and highly skilled team, Mandata is a shining example of the innovative businesses we have here in the North East, and we wish everyone in the business the best for the future. “
Tenzing was advised on the investment by Osborne Clarke and PwC with acquisition financing provided by Santander UK Plc. The management was advised by Paul Kaiser and UNW.
LDC and Mandata were advised by KPMG (corporate finance), Muckle (legal), KPMG (financial due diligence) and Roland Berger (commercial due diligence).
The management was advised by Paul Kaiser (corporate finance) and UNW (tax).