Norwegian-based company Asolvi, has announced that it has acquired UK-based Momote, the company behind MyMobileWorkers (“MMW”).
MyMobileWorkers is one of the UK’s most successful mobile workforce solutions for the traffic management and highways maintenance sectors. The deal will see Asolvi acquire 100% of Momote and adding the highly skilled Momote team to the expanding Asolvi UK organisation.
MyMobileWorkers is a highly scalable, cloud-based SaaS platform that helps businesses manage their workforces and optimise operations. It records vital data and enforces photos and signatures, while also including calendar, scheduler, customer portal, and alerts delivery modules. The company, which is heavily focussed on National Highways Sector Schemes (NHSS), also deploys its software across civil engineering, concrete services, fencing, street lighting, groundworks, and road maintenance. In addition, MyMobileWorkers is used by field service, property maintenance, and waste businesses.
Since its inception, Momote has built an impressive customer base, including Highway Assurance, Direct Traffic Management, Herts Traffic Management, and National Roadsweepers. Momote’s acquisition demonstrates the strategic importance Asolvi places on building brand presence in the traffic management and highways maintenance sectors — areas where Asolvi’s management, board and investors believe there is strong future growth potential.
Commenting on the deal, Pål M. Rødseth, CEO of Asolvi, said: “Asolvi’s solutions ensure people and products get to the right place at the right time — and that jobs are completed in a way that adheres to company policy and compliance-based legislation as well as increasing productivity. Asolvi’s existing solutions automate many of these processes, freeing businesses to work smarter and more efficiently. As such, bringing MyMobileWorkers under the Asolvi umbrella makes a lot of sense. Of course, we’re now able to look at completely new vertical sectors and draw on the experience of the Momote team. As Asolvi is a pan-European SaaS company we do see an opportunity to export the MMW solution to other Asolvi markets. It’s definitely a win/win scenario for everyone involved.”
Graham Whistance, CEO of Momote, added: “Joining the Asolvi family is a logical step for us. Bringing together our experience will help build on our proven track record, add resources, and further develop the platform — all at a much faster pace than we could have achieved ourselves. On this momentous day, I reflect on our status as one of the UK’s leading mobile workforce management solutions providers. I can’t wait to see how Asolvi will help entrench this position and to witness all the positive benefits that its long-term investment will deliver for all of us.”
Liverpool Seed Fund Context and Commentary, added: “The sale has also provided an exit for the Liverpool Seed Fund, managed by MSIF’s wholly owned fund manager subsidiary Alliance Fund Managers (AFM), who invested to support the growth of the business. Marion Savill, AFM Portfolio Director said “Being part of the Asolvi group creates exciting new opportunities for the Momote business to expand further into new markets. We are delighted to see another portfolio exit and we wish them every success for the future.”
Erik Berggren of Volpi Capital said: “We’re excited to support Asolvi in their focused buy-and-build strategy. Momote is the third add-on in less than 12 months and the acquisition will deepen Asolvi’s vertically specific expertise, whilst providing the opportunity to expand the footprint of MyMobileWorkers across Europe. We welcome the Momote team to the ever-growing Asolvi family and very much look forward to working together.”
Jostein Vik of Viking Venture said: “We are very enthusiastic about the acquisition of MMW, as it opens up another exciting vertical within the field service management space”
Financial terms of the deal were not disclosed, LegalEdge and Deloitte acted as advisors to Asolvi. The team at LegalEdge was led by James Downey and the Deloitte team was led by Darren Graves.
Thierry Levenq of Connecting Advisors acted as sole corporate finance advisor to Momote. Legal advice to the shareholders was provided by Brabners LLP. The team at Brabners was led by partner Andrew O’Mahony and included legal director Daniel Hayhurst and associate Alex Thow.