Lead Forensics

CASE STUDY

Mitrefinch: Doubling revenues through investment

Workforce management software business grows to £24m turnover through investment in technology and international expansion.

Sector
  • Technology, Media, Telecoms

Mitrefinch develops leading workforce management software, including time and attendance, HR, payroll and access control solutions.

Deal type
  • Management buyout
Investment

£20m

Exit type
  • Trade sale
Exit date

October 2020

Mitrefinch provides user-friendly, cutting edge products across integrated time and attendance, payroll, HR and access control with sophisticated analytic capability. The company supports 4,400 customers in over 80 countries to increase productivity, profitability and manage their workforce effectively.

Investment in technology

In 2016, we invested over £20m in Mitrefinch and since then we’ve supported the management team to build out the company’s software capabilities from a largely on-premise product to a suite of market leading cloud-based solutions generating recurring SaaS revenues.

International expansion

Mitrefinch extended its international presence through both organic and acquisitive growth, including the strategic purchase of US-based Advance Systems America. The business has increased international sales to account for 44 per cent of turnover in the current financial year with established operations in Ireland, the US, Canada and Australia.

orange quote mark
The team at LDC has played a key role in championing our expansion over the last four years. LDC backed the leadership team here at Mitrefinch to deliver on our growth plans, and it’s been great to have them in our corner.”
Matthew Jenkins, CEO
Mitrefinch

LDC’s Value Creation Partners team also supported with Mitrefinch’s approach to product and service pricing.

orange quote mark
The work by LDC’s Value Creation Partners has been excellent. You have given us a great foundation to re-launch our pricing strategy.”
Matthew Jenkins, CEO
Mitrefinch

During our four year partnership, the company’s revenues doubled to reach £24m and employee numbers grew by 64 per cent.

In October 2020, LDC agreed to sell its stake in Mitrefinch to Advanced, the UK’s third largest provider of business software and services.

Awards

Northern Tech Awards Top 100

2019