CASE STUDY & PORTFOLIO

Mitrefinch: Backing international expansion

HR software business supported by investment in growth plans both at home and overseas.

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Sector
  • Support services
  • Technology, Media, Telecoms

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

Employees: 350

Deal type
  • Management buyout
Investment

£20m

Mitrefinch’s services offer businesses a comprehensive view of workforce data, with its 4,500-strong client base including firms such as Yearsley Group, British Airways and L’Oréal.

In 2016, we invested more than £20m to support Mitrefinch’s international expansion plans, in addition to committing significant investment in new product development to continue expanding and improving its suite of products.

Crossing the Atlantic

In April 2018, Mitrefinch celebrated a record month after announcing the launch of its second UK office in Nottingham creating more than 100 local jobs, and completing a strategic acquisition in the US. The new addition, Advance Systems America (ASA), supplies time and attendance systems to firms across the USA and had been a partner of Mitrefinch for eight years.

This has been a record year for Mitrefinch, expanding our presence internationally and opening our new office in Nottingham. The support we have received from LDC has played a fundamental role in helping us to set our expansion plans in motion and invest in key projects.”
Matthew Jenkins, Chief Executive
Mitrefinch

In June 2019, the business announced it had recorded double-digit revenue growth following a year of expansion at home and overseas. Mitrefinch reported a 12 per cent growth in revenue to £16.3m (2017: £14.6m) in the year to November 2018, while EBITDA grew 22 per cent to £5m over the same period (2017: £4.1m). It has also been ranked as one of the top 100 fastest growing technology companies in the North at the Northern Tech Awards.

Mitrefinch’s success has been bolstered by its overseas expansion, with the business now operating across the UK, US, Australia and Canada, and with international sales accounting for 26 per cent of turnover.

As well as lending financial support to the business, our Value Creation Partners has been supporting the business. A pricing strategy project helped management decide how it should price its products and services moving forward, driving at least a 10 per cent increase in annual profits.

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, Chief Executive
Mitrefinch

Awards

Northern Tech Awards Top 100

2019